Monday, June 27, 2022 - 09:07

SPECIAL REPORT by PETER TABERNER

Like the rest of the world Gibraltar is locked into a fight against inflation, with rising prices continuing to spiral upwards becoming an increasing concern for consumers.
The latest retail price index release by the government revealed that in the last quarter inflation had risen by 2.9%, and for the year so far there has been an upsurge in prices of a significant 7.6% by April 1.
In response to what is a fast moving situation, the Chief Minister will address issues of rising prices and inflation in his budget address, which takes place on June 28.

Unsurprisingly over the past year, food prices have been one of the worst hit categories in the inflation escalation, as witnessed in many countries across Europe.
In April last year the official price index pegged food prices at 199.6, whereas in the recently released figures they had risen to 215.7.
Mounting fuel costs, as also experienced in many other countries, has also hit Gibraltar, with a huge year on year increase from 167 to 184 on the price index.
Housing costs have also considerably increased from just under 125 to slightly below 138.
The price of services climbed up from 182 to 189 over the year up to April 1, according to the official data.
modest prices rises
Yet there has been more modest prices rises in other categories such as clothing and footwear, durable housing goods and merchandise that falls into the “other goods” category.