A group of Ministers is assessing potential policies that might be introduced to support low and stable inflation in Jersey.
Leading the group is the Deputy Chief Minister and Minister for Economic Development, Senator Lyndon Farnham, who will be joined by the Chief Minister, Senator John Le Fondré, the Minister for Treasury and Resources, Deputy Susie Pinel, and the Minister for Education, Senator Tracey Vallois. The group will be supported by the Chief Economic Adviser.
The objective of the group is to produce a new strategy and policy on inflation, and monitor its implementation. The last anti-inflation strategy was produced in 2008.
Senator Farnham said: “Inflation is partly driven by factors outside of Jersey, for example global oil prices and the value of sterling. There are elements that could be influenced by the government such as policies to regulate products and services to support fair prices for consumers, and promoting competition throughout the economy.
“The government recognises the impact that high inflation has on living standards and well-being for the people of Jersey. The aim of this group is to look at what is driving inflation in Jersey, what factors are within the government’s influence and what policies Ministers might want to consider that could have some positive effect. We are aiming for consistently low and stable inflation for the island.”
Government of Jersey Press Release.