The approach being taken is to examine the nature, causes and costs of inflation in the jurisdiction, and to develop a strategy that will address the fundamental issues for a small island economy like Jersey's.

According to a statement from the Jersey government:

"The conclusion is very much that there are no quick wins or easy options in controlling inflation and that many of the key ingredients for an anti-inflation strategy are already in place."

"The new strategy is about building on current policies and strengthening them rather than introducing new initiatives."

The statement concluded: "There is a window of opportunity for the Island created by favourable global inflation trends and the success the Island has had in reducing inflation in recent years. This strategy aims to seize that opportunity and attempt to lock Jersey into low inflation."