“The latest inflation figures are the highest in a decade, and show that the Isle of Man Government needs to ease the squeeze on the cost of living. Last month, the Government imposed increased taxes on hospitality businesses and announced increased fuel taxes on construction, manufacturing and other businesses. Increasing taxes at a time of high inflation will only exaggerate the problems,” said Michael Josem of the Manx TaxPayers’ Alliance.
Most concerningly, these inflation figures do not take into account the recent tax rises implemented and announced for the Isle of Man, and do not yet take into account gas price rises announced by Manx Gas.
Highest monthly inflation since December 2011
The latest inflation report published by the Isle of Man Government shows inflation stood at 5.0% for September 2021. Monthly inflation in the Isle of Man has not hit at least 5%, since December 2011, a decade ago.
“The people of Mann are enduring extremely high inflation. Inflation is a tax on the most vulnerable members of our society, and the Isle of Man Government should ease the squeeze on the cost of living immediately,” said Josem.
Government admits to publishing inflation misinformation for July and August
Further, the Isle of Man Government has corrected the erroneous CPI inflation rates that it previously announced for July and August 2021. The Government previously incorrectly announced that inflation in July was 2.3%, and has now corrected the announced inflation rate to 4.5% – almost double. The Government previously announced that inflation in August was 1.4%, and has now corrected the announced inflation rate to 3.1% – more than double.
“It is unfortunate that when the people of the Isle of Man were considering how to vote in the 2021 general election, the Isle of Man Government was mistakenly publishing misinformation, falsely claimed that prices were rising by less than they truly were. It is now appropriate for the people who made these errors and published the misinformation earlier this year to be held accountable,” said Josem.