Inflation in Guernsey using the RPI method stands at 6.3%, more than 3.8% lower than the rate in Jersey but still ahead of the UK's 4%.

The latest inflation bulletin published by the States shows the main rate, RPI, has dropped by 2.2% over 2023 and by 0.7% since the end of September 2023.

In comparison, Jersey's RPI rate stands at 10.1%

The UK rate is 4% which is slightly up on the dip below 3.9% that economists were predicting. This may affect any decision by the Bank of England to lower interest rates.

RPIX, which excludes mortgage payments, is now running at 5.5% in Guernsey, down 3% over the year and 0.8% down on the September figure.

The greatest contributors to inflation locally are housing, household and leisure. Housing includes all the costs involved in running a home, like rates, utility bills and payments to tradespeople for repairs.

Leisure services include entertainment, gym membership and holidays.