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Inflation falls to 5.3%. 1 March 2005

The annual rate of inflation has continued to decrease and now stands at 5.3%, compared to 5.9% in January 2005.

Over the month to mid-February the Fuel and Light index recorded a decrease of 2.4%. This change was mainly due to a fall in the Island's gas prices. However, over the twelve month period the Fuel and Light category continues to show the largest increase (of 26.2%). Over the year Motoring expenditure and Housing have also increased significantly (by 9.8% and 7.3% respectively).

Welcoming the figures, Treasury Minister Allan Bell noted that the decrease in the rate of inflation had been expected:

"We have seen a number of factors, not least rising energy costs, coinciding to produce the relatively high inflation rates seen in the second half of last year. This is the second consecutive month in which the rate has fallen and we would expect this downward trend to continue. I would hope that employers and employees will take this into account during any current or future wage discussions."

The General Index of Retail Prices for all items now stands at 117.7 (January 2000 = 100.0).

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