‘Competitive pressures’ caused drop in RPI
Thursday 20th October 2005, 12:00AM BST.
THE fall in the Island’s rate of inflation is a reflection of the increasingly competitive market place, says the Jersey Chamber of Commerce.
The new headline rate of two per cent, announced yesterday, indicates a fall of 1.
% over the last quarter and is the lowest since records began in the 1970s.
The States statistics unit say this is not due to falling prices and is a result of the 0.
5% decrease in the Bank of England base rate, announced in August.
But Ray Shead, who heads the Chamber’s retail and supply sub-committee, said: ‘Obviously figures are figures and the Chamber is pleased to see a continuing reduction in the annual cost of living.
But we are sure that this is due to the continuation of competitive pressures in the market place, as well as the constant food price deflation.
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