05 Oct 2022

Largest annual jump in consumer prices since 2007 reveal CSO figures

Largest annual jump in consumer prices since 2007 reveal CSO figures

Largest annual jump in consumer prices since 2007 reveal CSO figures

Consumer prices were 5.1% higher in October 2021 than this time last year which is the largest annual increase since April 2007, said the Central Statistics Office (CSO) today. 

The CSO said the most notable changes in the year were increases in transport, housing, water, electricity, gas, communications, and restaurants & hotels

Overall, prices have increased by 0.7% since last month and it marks the twelfth month in a row that has shown monthly inflation, according to the CSO. 

In October 2020, prices fell by 0.6%.

Rising costs include diesel, petrol and motor cars which all contributed significantly to the increase in transport costs. 

Diesel saw a rise of 25.3% and petrol increased by 21.6% over the last 12 months. 

The cost of housing increased due to higher rents, mortgage interest repayments, and a rise in the cost of oil, electricity, and gas.

The last 12 months have seen the price of gas jump by 22.6% and electricity increased by 15.5%.

Rent inflation saw private rent up by 7.5% and local authority up 2.9%.

Mortgage interest repayments have risen by 3% and housing materials have risen by 13.4%.

Clothing items saw a decrease of 3%.

Alcohol saw an annual increase of 2.3% with wine rising 3%, spirits 1.4%, and beer 0.8%, and tobacco products rose to 6.4%.

Communications rose by 5% in the last 12 months with postal services increasing by 4% and telephone services jumped 5.1%.

These latest figures come as concerns have been raised about the rising cost of living in Ireland.

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