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Cost Of Living Stays At 40 Year High

Wednesday, 26 April 2023 12:30

Jersey's inflation rate has remained at 12.7%, the highest since the early 1980s.

It's the same level as December, which was a jump from 10.4% in September.

The island has the highest cost of living of anywhere else in the British Isles.

Guernsey's inflation rate has dropped slightly to 8.3% with the UK's sitting at 10.1%.

 

Housing costs saw the biggest jump compared to the same time last year, rising by 27.4%.

For many homeowners, mortgage repayments have skyrocketed in that time following Liz Truss' UK mini-budget in September 2022, which spooked the markets and caused The Bank of England to hike interest rates in response.

There have been nine consecutive increases in the base rate, which currently stands at 4%.

The price of the food shop was a large factor in the stagnation of the island's RPI, which increased in value by 15.8%

In fact, all main areas of inflation measurements increased.

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