Treasury Minister Eddie Teare MHK has welcomed evidence of a further fall in the Isle of Man’s inflation rate.

According to the latest statistics released by the Economic Affairs Division, the annual rate of inflation as measured by the Retail Prices Index (RPI) fell to 2.5% in April, down from 3.0% in March.

The Minister said: ‘There are still key categories of expenditure that continue to see price increases. Food prices have not been one of these this month, while other important prices, such as for clothing, have actually come down - an indication perhaps of increasing competition amongst retailers in a tight market.’

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