Inflation stood at 8% for January this year – a rise from 7.4% in December last year.

The latest inflation report, compiled by Statistics Isle of Man at the Cabinet Office, shows that ‘housing, water, electricity, gas and other fuels’ continues to be the biggest contributor to the rate of inflation.

It has risen by 22.5%, with gas seeing the largest rise in this category of 60.9%.

‘Food and non-alcoholic beverages’, has seen the second largest increase, contributing 13.2% to the overall CPI, with prices rising 0.5% on the previous month.

Butter has seen the biggest increase in this category, up 34.7% compared to 12 months ago.

The third biggest contributor to the rate of inflation was ‘restaurants and hotels’ contributing 12.4%.

Catering has seen the biggest increase in this category (13.4%).