Indeed, in euro terms the all-items index has fallen (see chart).

ECONOMIST: The prices of most raw materials have been surging

Before April's election Deputy Le Lievre served on the Social Security Department and said he wanted to restore the previous regime of increasing pensions by RPIX - a measure of inflation equivalent to the all-items Retail Price Index, but excluding mortgage interest payments - plus 1% each year.

BBC: Guernsey deputy wants further pensions and benefits rise

The Economist all-items commodity price index has risen by 21% in dollar terms since January 2002, its fastest rate of growth since 1994.

ECONOMIST: The prices of most raw materials have been surging

The electricity tariff cut lowered the index by 0.45%, so if one takes away the one-off effect of this cut, and maintaining all other items the same, the price index would have reached 1.13% higher month over month, or a whopping 14.44% annualized.

FORBES: Brazil Gets More Expensive As Inflation Picture Worsens