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December 2022 Retail Prices Index published

25 January 2023

Statistics Jersey have today published the December 2022 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 December report shows:
  • during the twelve months to December 2022 the All Items Retail Prices Index (RPI) for Jersey increased by 12.7% to stand at 212.2 (June 2000 = 100)
  • the December 2022 twelve month increase in the RPI was the largest since the early 1980’s
  • the increase in the RPI over the twelve months to September 2022 was 10.4%; hence the annual rate of inflation increased by 2.3 percentage points (pp) since 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 year
  • prices in the Fuel & light and Fares & other travel groups increased by less over the twelve months to December 2022, than over the twelve months to September 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 8.7% over the twelve months to December 2022 , the largest rate since this index was first produced
  • the rate of annual change in RPI(Y) increased by 0.5 pp since September 2022 (up from 8.2%)
  • over the twelve months to December 2022:
    • RPI(X) increased by 8.6%  
    • RPI Pensioners increased by 10.3%
    • RPI Low Income increased by 8.5%
    • The changes in RPI Pensioners and RPI Low Income were the largest since those indices began (December 2007)
  • in December 2022, the annual rates of increase for RPI, RPI(X), RPI(Y), RPI Pensioners and RPI Low Income, were all larger than the September 2022 rates by at least 0.5 pp
  • the rate of inflation in Jersey over the twelve months to December 2022, as measured by the RPI, was 3.5 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 it’s rate of increase is less directly affected by changes in the Bank of England Bank Rate, than the Jersey RPI
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