THE Island's Treasury Minister has welcomed the Island's falling inflation rate.

The annual rate of inflation as measured by the Retail Prices Index (RPI) decreased from 5.9 per cent in September to 5.2 per cent in October.

Eddie Teare MHK said: "Many households, particularly those on low and fixed incomes, have been feeling the pressure of high inflation so it is encouraging to see the RPI rate come back down to its lowest level since September 2010.

"The downward trend is expected to continue as a result of declining global demand for commodities but the rate is still high at the moment and government will continue to keep a close eye on the situation."

Also see: Decrease in inflation as measured by RPI