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Inflation Exceeds 5% 10 May 2004

Mirroring the general trend in the UK headline rate, there was upward pressure on the Island's rate of inflation in April. This pressure stemmed from increased mortgage rates, higher fuel and power prices, expenditure tax increases imposed in the UK Budget in March and increases in local authority and water rates.

In all, from mid-March to mid-April prices rose by 1.5%. Whilst it is probable that mortgage rates will continue to edge up in the short term, the monthly increases in the index will likely be smaller in coming months.

Over the year to mid-April the index of retail prices increased by 5.1%. The largest change over the year has been in the Motoring Expenditure category (a rise of 8.5%), whilst the Alcoholic Drinks and Fuel & Light categories both showed an increase of 7.9%.

The General Index of Retail Prices for April now stands at 114.0 (January 2000 = 100.0).

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