Island's Inflation Rate Climbs to 3%
Listen to the story
New figures show that the inflation rate on the island has risen to 3%.
Inflation is a measure of how fast prices increase over time.
The increase was mainly caused by higher prices for food and alcohol.
These two areas drove the overall rise in the cost of living.
The official figures were released to show changes in prices.
A higher inflation rate means people need more money to buy the same things.
This can make life more difficult for families with low incomes.
Businesses may also need to raise their own prices to cover rising costs.
The island's economy will likely be watched closely in the coming months.
Officials may look at ways to help control rising prices.
It is not yet clear if the rate will continue to rise or begin to fall.
People on the island are now paying more for everyday items like groceries and drinks.
This news may affect how much people spend and save.
The report gives a clear picture of current price trends on the island.
Vocabulary10 words
- inflation
- a rise in prices over time
- figures
- official numbers used as information
- increase
- a rise in amount or level
- drove
- caused something to happen
- cost of living
- the money needed to pay for basic things
- income
- money a person earns
- economy
- the system of money, jobs, and trade in a place
- rate
- a measured level of change
- trend
- a general direction of change
- official
- coming from a trusted authority
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Quiz
Answer key
1. 3% 2. Food and alcohol 3. True
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Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
New figures show that the _____ rate on the island has risen to _____.
Inflation is a measure of how fast _____ increase over time.
The increase was mainly caused by higher prices for food and _____.
These two areas drove the overall rise in the _____ of living.
The official figures were released to show changes in _____.
A higher inflation rate means people need more _____ to buy the same things.
This can make life more difficult for families with low _____.
Businesses may also need to raise their own prices to cover rising _____.
The island's _____ will likely be watched closely in the coming months.
People on the island are now paying more for everyday items like groceries and _____.
Discussion questions
- How does rising inflation affect your daily life?
- Why do food and alcohol prices sometimes rise faster than other goods?
- What can governments do to help control inflation?
- Do you think inflation will continue to rise on the island? Why or why not?
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