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Biggest jump in cost of living since 2008

Biggest jump in cost of living since 2008

Wednesday 27 April 2022

Biggest jump in cost of living since 2008

Wednesday 27 April 2022


The cost of living in Jersey has shot up by the highest amount since the financial crash, new figures have confirmed.

In the 12 months up to March this year, prices shot up by 6%, Statistics Jersey reported today.

Rising costs of housing, motoring and fuel and light were the key drivers of inflation

The latter rose by as much as 21.9% over the course of the year, mostly down to rises in the price of heating oil, as seen in other jurisdictions. In the last quarter alone, it had gone up 13.6%.

RPIannual.jpg

Pictured: Annual change in the rate of inflation.

Motoring costs went up 10.5% over 12 months, with motor fuel price increases contributing the most to the change.

Housing costs, which include Parish rates, rents, and mortgage interest payments, increased by 6.8% overall.

Jersey pensioners specifically saw their living costs increase by 6.2%, while those in the bottom fifth of household income in Jersey saw them rise 5.2%. 

The changing inflation rate was broadly similar to the UK, just 0.2% lower over the course of a year.

RPI.jpg

Pictured: Inflation (RPI) percentage changes per cost category.

It comes as the Government is being challenged to do more for islanders hit by the rising costs, which have been linked to Brexit, covid and Russia's invasion of Ukraine.

In the past 48 hours, more than 1,000 islanders have signed a petition started by ATF calling for fuel duty to be cut by 2.5p per litre and biofuels by 3p, meaning Ministers will have to respond.

“The government has the fiscal flexibility to make this reduction now given the increased revenues from GST arising due to the increase in fuel prices. Fuel duty increased to 63.89 pence per litre in January 2022. We are proposing an immediate fuel duty cut of 2.5 pence per litre as a temporary measure for the coming months, which we believe equates to the additional GST being received,” ATF Director Jon Best said on Monday.

The Consumer Council has also argued that fuel duty should be cut - in their view, by 9p per litre at the pumps - and that every household should be given £100 credit towards their bills to ease inflationary pressures.

External Relations Minister Senator Ian Gorst, meanwhile, previously told Express's weekly Politics Disassembled podcast that he would wish to see a 10p per litre reduction in fuel duty before the elections.

However, Treasury Minister Deputy Susie Pinel already ruled out cutting fuel duty last month and indicated on the Politics Disassembled podcast last week that she would not be changing her mind.

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CLICK TO LISTEN: The Treasury Minister spoke about why she was opposing a fuel duty cut on the Politics Disassembled podcast.

She said she believed that a cut would most likely only benefit "middle Jersey" - "people with two, maybe three cars, and they can afford it" - rather than those who most need financial assistance. Deputy Pinel also emphasised that slashing duty would mean less money for the Climate Emergency Fund.

Reacting to the fuel duty petition's 1,200-plus signatures, Mr Best said this morning: “We are reassured to see public support for this pragmatic and sensible measure which will offer real support to consumers.

"We are asking the government and States Assembly to review this petition in the coming days."

READ MORE...

Fuel boss calls for "immediate" 2.5p fuel duty cut

Gov rules out cutting fuel duty in light of soaring prices at the pump

Fuel duty review ‘needed’ as war sets prices soaring

Pressure mounts on Gov to cut fuel duty

No action from Ministerial inflation group since pre-Brexit

'Chief Minister, time to act on coming price crisis'

Ukraine war 'to hit Jersey in the shops and at the pumps'

More islanders turning to food banks as inflation bites

INSIGHT: How will Jersey fuel its future?

COMPARE...

The Jersey Consumer Council has created the following price comparison tools to help islanders compare the costs of different essentials...

Supermarket goods

Prices at the pumps

The price of oil

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Comments

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Posted by Private Individual on
Why are non of the election candidates and parties addressing the cost of living crisis?

What are they going to do for us to stop this drain on our wages?
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