CSO reveal major increase in energy inflation in March
Energy costs have soared by over 11% in March due to the ongoing conflict in the Middle East
The cost of energy has soared by over 11% in March according to figures released by the Central Statistics Office (CSO).
Anthony Dawson, Statistician in the Prices Division with the CSO said the increase in energy prices "may have been influenced by recent events in the Middle East".
However, Mr Dawson said prices were taken in mid-March, and do not take into account the introduction of Government measures on energy costs.
It puts energy inflation at 12.3% in the last year, while elsewhere, figures show that annual inflation sits at 3.6% in Ireland, up 1.8% in March alone.
Last week, the government announced it would cut Excise Duty by 20 cent on diesel and 15 cent on petrol until the end of May as part of a €250 million support package to tackle.
The figures also show that the price of food has increased by 2.3%, while unprocessed food has gone up by 4.5%.