THE Isle of Man's annual rate of inflation continued to fall in July.

The retail price index decreased to 4.7 per cent during the month from 5.3 per cent in June.

Meanwhile the latest job market statistics show at the end of July unemployment stood at 822, a rate of 1.9 per cent and an increase of 28 in the total.

Treasury Minister Anne Craine MHK said: "This is the second successive month in which inflation has fallen and it confirms our expectations of a downward trend in the inflation rate.

"But that does not necessarily mean that we will see lower and lower rates over the rest of the year - there are too many uncertainties out there to be able to say that."

In terms of the unemployment statistics she said: "The small increase in the numbers unemployed for July was expected, given that it's a month in which some returning students will be signing on.

"The unemployment rate remains below two per cent and that is a good indication that our economy is holding up well."