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June 2023 Retail Prices Index published

21 July 2023

Statistics Jersey have today published the June 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 June report shows:
  • during the twelve months to June 2023 the All Items Retail Prices Index (RPI) for Jersey increased by 10.9% to stand at 221.9 (June 2000 = 100)
  • the twelve month increase in the RPI to June 2023 was less than that to March 2023 (12.7%); hence the annual rate of inflation decreased by 1.8 percentage points (pp) since last quarter
  • a key driver for the decrease in the annual rate of inflation was the Motoring group, particularly the decrease in the Petrol and Oil section over the last twelve months. The Personal goods & services group had a similar effect on the annual rate of inflation driven by lower GP costs, following changes to the way these appointments are part funded by Government
  • prices in most groups increased over the twelve months to June 2023. These increases were similar to or less than those over the twelve months to March 2023, which resulted in an overall downward contribution to the annual rate of inflation
  • housing was the price group that made the largest contribution to the annual rate of inflation, contributing +5.7 pp to the rate, driven by increases in the cost of mortgage interest payments. The overall price change in this group was the same over the twelve months to June 2023 as to March 2023, hence its contribution to the change in rate of the RPI was 0.0 pp 
  • the twelve month increase in the RPI to June 2023 was larger than a year ago (7.9% in June 2022)
  • the change in RPI(Y) measures underlying inflation. RPI(Y) increased by 6.0% over the twelve months to June 2023 . This was 2.1 pp smaller than the March 2023 rate (down from 8.1%) 
  • ​ over the twelve months to June 2023:
    • RPI(X) increased by 6.1%  
    • RPI Pensioners increased by 6.8%
    • RPI Low Income increased by 6.4%
  • In June 2023, the annual changes in RPI(X), RPI Pensioners and RPI Low Income were smaller than those in March 2023 
  • the rate of inflation in Jersey over the twelve months to June 2023, as measured by the RPI, was 3.6 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
Read the full report
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