Treasury Minister Eddie Teare MHK has welcomed the continuing decline in the Island’s inflation rate, which ended 2011 at its lowest level for 16 months. The annual rate of inflation as measured by the Retail Prices Index (RPI) fell again in December, finishing the year at 4.7%, down from 5.0% in November and well below its peak of 6.8% in August 2011. The latest rate is the lowest since August 2010. Minister Teare commented: ‘This is the fourth successive month in which the Island’s inflation rate has fallen and I would be hopeful of the trend continuing in 2012.’ ENDS