Inflation rate drops after highest peak since 1991

The States of Guernsey report reflects how much households are spending on their shopping

The rate of inflation has dropped in Guernsey over the last quarter, latest figures show.

In the 12 months to June 2023, the all items retail Prices Index (RPI), which reflects the cost of living in Guernsey, increased by 7.3%.

This compares to a 12-month increase of 8.3% in March 2023, a States of Guernsey report said.

The inflation rate had peaked in December 2022, at 8.5%, the joint highest increase since 1991.

Household Costs Indices (HCI) reflect how different groups of people spend their money.

These statistics show social renter and partial owner households were hit by the highest increase at 8%.

Meanwhile, private renter households had the lowest increase at 5.8%.

The RPIX, which excludes mortgage interest payments, increased by 6.8%.

Guernsey RPI and HCI inflation statistics are published quarterly by the government's data and analysis team.

The inflation rates are based on the price changes of a "shopping basket" of items.

Inflation rates across the UK have also fallen, statistics show.