Manx Inflation falls to lowest level for 2 years
12th January, 2009
Inflation in the Isle of Man dropped by a huge 1.9% last month, hitting its lowest level for two years.
It now stands at 2.8%, with the Treasury attributing the fall in the most part to November's Bank of England interest rate cut, and the reduction in VAT announced later that month.
What it doesn't include are the two more recent cuts in interest rates which have seen rates at their lowest level in the Bank of England's 315 year history. IOM Government Treasury officials are forecasting that Manx Inflation should fall even further over the next few months.
This is good news for our Isle of Man Freight customers as shipping rates are linked directly to Manx Inflation and have seen massive rises of late.
It now stands at 2.8%, with the Treasury attributing the fall in the most part to November's Bank of England interest rate cut, and the reduction in VAT announced later that month.
What it doesn't include are the two more recent cuts in interest rates which have seen rates at their lowest level in the Bank of England's 315 year history. IOM Government Treasury officials are forecasting that Manx Inflation should fall even further over the next few months.
This is good news for our Isle of Man Freight customers as shipping rates are linked directly to Manx Inflation and have seen massive rises of late.
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