Inflation rate continues to drop

Treasury Minister Eddie Teare has welcomed the further evidence of a fall in the Isle of Man’s inflation rate.

The latest statistics released by Economic Affairs Division have shown a .5% drop from 3 down to 2.5% between March and April.

There are however still keep categories of expenditure that will continue to see increases, however essential items like food and clothing have continued to come down.

The Minister has linked this to increasing competition amongst retailers in a tight market.