Inflation at 17-year high
Saturday 25th October 2008, 9:29AM BST.
RISING inflation means islanders will have to continue tightening their belts.
The latest RPI figure, released yesterday, shows a rise to 5.8%, the highest since September 1991. At the end of June the figure stood at 5.5% with the previous quarter, at the end of March, at 4.8%.
The rising cost of food has contributed most, making up 1.1% of the overall increase. Housing followed and at 1% made up the largest amount to the quarterly rise.
Treasury minister Charles Parkinson (pictured) said he was expecting inflation to keep rising towards the end of the year in line with the predictions of the Bank of England. ‘We are hoping it will fall in 2009 as forecast.’
He said most of the cost was incurred through importing goods to Guernsey.
‘We would like the island to be more self-sufficient, especially when it comes to food. We are trying to keep the agricultural industry viable but there is only so much we can do,’ he said.
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Inflation will keep rising.
We can all bet on that. Mr Parkinson states that he would like the island to be more self sufficient. I have no poblem with this at all. We have many resources to hand but are either too lazy to use them or it is a case of having more money than sense.
What puzzles me with the above is that with the rise in local milk hitting our dorsteps soon it will cost us locals more per litre that if we were to purchase it in the UK. Somehow they can transport it across the water and land into supermarkets and end up with a better price than us. Very strange indeed.
Maybe Mr Parkinson could comment on this?
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