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Inflation up at the end of 2022

Inflation up at the end of 2022

Tuesday 24 January 2023

Inflation up at the end of 2022

Tuesday 24 January 2023


Prices in Guernsey have increased by 8.5% in the past 12 months, the latest inflation bulletin has revealed.

RPI inflation for a basic basket of typical household goods and services - including food and mortgage interest payments – was more than double the rate recorded over the year ending December 2021 last year.

RPIX inflation, which excludes mortgage interest, was also 8.5% over the year up to December 2022, 3.9% higher than the previous year. 

It is also 0.6% higher than the annual period ending in September 2022. 

The States were forecasting a rate of inflation of 3% at the end of 2021, but rising energy, fuel, food, and housing costs throughout 2022 drove the local figure up. 

You can read the full inflation bulletin HERE

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Pictured: The prices of basic goods and services have skyrocketed since early 2021. 

The latest quarterly inflation bulletin states: “In the year ending December 2022, all fourteen of the [price groups]saw an annual increase. The fuel and light expenditure group saw the largest annual increase at 21.1%, contributing 1.0 percentage points to the overall percentage change in the RPI and 1.1 percentage points to the overall percentage change” 

But the States noted that “there were no changes in the prices of electricity or gas” since September, and the increase in the last three months was caused by a slight increase in the cost of kerosene. 

Price increases were seen in every category of item of service in the last quarter of 2022, except for leisure goods.

Catering and food costs represented the largest percentage increase of around 3% driven by risings costs of takeaway coffee and sandwiches, and block butter, cheese, soups, and some spirits at the supermarket. 

Rises in mortgage interest payments, home insurance premiums, DIY and gardening items, and bin liners were also recorded.

States Chambers

Pictured: The States of Guernsey have made grappling with the effects of inflation a key priority.  

Senior politicians warned last spring that the Bailiwick would continue to experience higher rates of inflation than usual. 

For around a decade inflation locally was contained to approximately 3% until it started to climb significantly around the middle of 2021.

Annual RPI inflation in the UK reached 13.4% at the end of December.

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