Inflation leaps to 2.9% in March

By the States preferred measurement of RPIX, which excludes mortgage payments, it was 2.9% in March, 1.3% higher than December and 2.4% higher than this time last year.

The UK stands at 3.4% and Jersey at 3.1%.

RPI in Guernsey was 2.4% in March.

The differential between the annual change in RPIX and RPI this quarter is mainly attributable to falling house prices impacting mortgage interest payments together with lower interest rates.

The largest percentage increase, 6.8%, came from the fares and other travel costs group, making a contribution of 0.3 percentage points to the quarterly changes in the RPI and the RPIX.

This was followed by the alcohol group which, with an increase of 4.4%, contributed 0.2 percentage points to the overall quarterly change.

The largest quarterly contribution of 0.4% was from leisure services, which was largely attributable to seasonal increase in hotel costs, and housing, which for RPIX includes rents and parish rates.