The Isle of Man’s annual rate of inflation rose to 2.3 per cent in August.

It rose from 1.6 per cent in July – as measured by the Consumer Prices Index.

The rising price of oil has been a significant driver of inflation – it’s 47 per cent higher compared to August 2017.

This has impacted on petrol prices which are 9.6 per cent higher than 12 months ago and for heating oil which is 21 per cent higher than August 2017.