Island's inflation rate drops to 7.9%

The Island's Inflation rate has dropped back into single figures.

That's according to the latest Consumer Price Index, which states the rate in November stood at 7.9 per cent - down from 10.1 per cent the month before.

It says the drop is almost entirely a result of recent falling gas prices.

'Housing, water, electricity, gas and other fuels' continue to be the biggest contributor to the rate of inflation with an increase of 23.5%.

Further, 'Food and non-alcoholic beverages', were the second biggest increase contributing 12.7% to the overall CPI.

You can see the full report here.