Guernsey's Annual Inflation Rate Drops to 5.1% in September
Significant contributors to the annual change in RPI included the Housing group, Fares and other travel costs, Fuel and light, with respective increases of 10.3%, 11.0%, and 8.7%
- The annual Retail Price Index (RPI) inflation rate for Guernsey was 5.1% in September 2024, a decrease from the previous year's 7.0%.
- Core inflation, measured by RPIX (excluding mortgage interest payments), was documented at 4.4%.
- Underlying inflation rates, measured using RPICT and RPIY (excluding mortgage interest payments and assuming constant or excluding indirect taxes), both recorded a 4.3% increase.
- Significant contributors to the annual change in RPI included the Housing group, Fares and other travel costs, Fuel and light, with respective increases of 10.3%, 11.0%, and 8.7%.
- The Clothing and footwear group showed a decrease of 3.3% over the year.
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In the year ending September 2024, Guernsey observed a Retail Price Index (RPI) inflation rate of 5.1%, showing a notable 1.9 percentage points decrease compared to the previous year's rate of 7.0%.
Core inflation, excluding mortgage interest payments and represented by RPIX, was reported at 4.4%, further emphasising a general easing of price pressures compared to the prior period.
Underlying inflation, captured through the Retail Price Index excluding mortgage interest payments and assuming constant taxes (RPICT) or excluding indirect taxes (RPIY), similarly stood at 4.3% for the same period.
This illustrates a moderation in price increases across various sectors, notwithstanding the exclusion of specific tax-induced fluctuations.
The inflation dynamics of Guernsey were influenced predominantly by the Housing group's significant 10.3% increase, a substantial portion of which is attributed to the costs of mortgages, rents, and house insurance. Additionally, Fares and other travel costs, alongside the Fuel and light group, saw significant price hikes of 11.0% and 8.7% respectively, reflecting changing market conditions and emerging economic pressures in these sectors.
Interestingly, the Clothing and footwear group experienced a negative growth rate, with an annual decrease of 3.3%, indicating variations in consumer spending habits and possibly increased promotional activities within the apparel sector.
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