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Rises in the cost-of-living have remained at historic highs, driven by soaring housing costs – while those on low incomes have faced their largest rise since 2007.
New figures released by Statistics Jersey today showed that, during the 12 months to March 2023, Jersey's inflation rate was at 12.7%.
Islanders were already feeling the pinch, having suffered an equal 12.7% year-on-year rise in December 2022 – which at the time was the largest jump in prices since the early 1980s.
The statistics also showed that those in the lowest fifth of household income in the island took their biggest hit in 16 years, with rises in the cost-of-living in this category standing at 8.6% year-on-year.
This is the largest rise since the index began in December 2007.
Statistics Jersey also calculated that the RPI Pensioners – a price index specifically targeted towards pensioner households –increased by 9.3%. This was slightly smaller than the rise felt in December 2022, however.
Prices went up in all purchase categories, but the following three were the most significant drivers of inflation...
Once again, housing saw the greatest jump in prices.
That includes Parish rates, rents, and mortgage interest payments – the latter of which was affected by increases in the Bank of England Bank Rate over the last 12 months and contributed to most of the change.
All items in a 'typical' grocery shop faced price rises, but some of the steepest rises affected butter (up 26% since March 2022), cheese (up 24.8%).
Meanwhile, meat products and processed vegetables all faced rises of more than 20%.
This category includes typical household items which are not perishable, such as cleaning products.
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