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March 2023 Retail Prices Index published

26 April 2023

​Statistics Jersey have today published the March 2023 Retail Prices Index report.

The All Items Retail Prices Index (RPI) is the main measure of inflation in Jersey. It measures the change from quarter to quarter in the price of the goods and services purchased by an average household in Jersey.

The March report shows:
  • during the twelve months to March 2023 the All Items Retail Prices Index (RPI) for Jersey increased by 12.7% to stand at 219.3 (June 2000 = 100)
  • the March 2023 twelve month increase in the RPI (along with December 2022’s) was the joint largest since the early 1980s 
  • the increase in the RPI over the twelve months to December 2022 was 12.7%; hence the annual rate of inflation was unchanged from last quarter
  • this increase in the annual rate of inflation was mainly driven by the Housing group, particularly the rising costs of mortgage interest payments, following increases in the Bank of England Bank Rate over the last twelve months
  • prices in the Fuel & light and Motoring groups increased by less over the twelve months to March 2023, than over the twelve months to December 2022, giving a slight downward contribution to the change in the annual rate of increase
  • underlying inflation, as measured by the annual change in RPI(Y), increased by 8.1% over the twelve months to March 2023. This was 0.6 pp smaller than the December 2022 rate (down from 8.7%) and remained one of the largest rates since this index was first produced 
  • over the twelve months to March 2023:
    • RPI(X) increased by 8.0%
    • RPI Pensioners increased by 9.3%
    • RPI Low Income increased by 8.6%
  • In March 2023, the annual changes in RPI(X) and RPI Pensioners were slightly smaller than those in December 2022 and were some of the largest since these indices began 
  • the annual change in RPI Low Income was 0.1 pp larger than December 2022 and the largest since this index began
  • the rate of inflation in Jersey over the twelve months to March 2023, as measured by the RPI, was 3.8 pp higher than the UK CPIH, which is the broadly comparable headline rate of inflation for the UK. Costs associated with owning and occupying one’s own home are reflected through a rental equivalence method in the UK CPIH, hence its rate of increase is less directly affected by changes in the Bank of England Bank Rate, than the Jersey RPI
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