The latest inflation figures released this week by the Isle of Man Government show the annual rate of inflation as measured by CPI for the twelve months to October 2021 remains very high at 4.4%.
“The latest inflation figures shows that consumer prices have risen by 4.4% over the last year, and adds further impetus for the Isle of Man Government to ease the squeeze on the cost of living. In October, the Government imposed increased taxes on hospitality businesses, and announced increased fuel taxes on construction, manufacturing and other businesses. Just recently, the Isle of Man Government ruled out extending the UK Government’s tax cut on domestic flights to the Isle of Man, which would have been an opportunity to ease the squeeze on our tourism industry,” said Michael Josem of the Manx TaxPayers’ Alliance.
Inflation is likely to increase the pressure on Manx households in coming months as the following come into effect:
- the Government’s gas price rises;
- the Government’s increased taxes on the hospitality industry flow through the economy;
- increased fuel taxes on construction and other industries.