Consumer Price inflation continues to reach levels not seen since the mid-1980s, according to the Central Statistics Office, with annual inflation in July of 9.1%, the same level recorded in June.

Statistician Anthony Dawson said: “Prices have been rising on an annual basis since April 2021, with annual inflation of 5% or more recorded each month since October 2021.

“The most significant increases in the year to July 2022 were seen in Housing, Water, Electricity, Gas & Other Fuels (21.6%) and Transport (19.4%). Increased energy costs are reflected in the yearly increase of Housing, Water, Electricity, Gas & Other Fuels driven by rises in electricity (+40.0%), gas (+56.6%), liquid fuels/home heating oil (+91.9%) and solid fuels (+31.8%) in the year.

“The annual change in transport costs reflects a rise in the cost of diesel (+44.8%), petrol (+35.4%), purchase of motor cars (+11.5%) and airfares (+47.8%) compared to July 2021. Miscellaneous Goods & Services (-1.0%) and Education (-0.7%) were the only divisions to show a decrease when compared with July 2021.”

The CSO says the main contributory factors were as follows:

In Association with

• Housing, Water, Electricity, Gas & Other Fuels rose mainly due to higher rents and mortgage interest repayments and an increase in the cost of home heating oil, electricity, gas and solid fuels.
• Transport increased primarily due to a rise in prices for diesel, petrol, motor cars, services in respect of personal transport equipment and air fares. This increase was partially offset by lower prices for passenger transport by bus & coach and by railway.
• Restaurants & Hotels rose mainly due to higher prices for alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc. and an increase in the cost of hotel accommodation.
• Food & Non-Alcoholic Beverages increased due to higher prices across a range of products such as meat, bread & cereals and milk, cheese & eggs.
• Miscellaneous Goods & Services decreased due to a reduction in prices for motor insurance premiums, health insurance premiums and jewellery, clocks & watches. This decrease was partially offset by an increase in prices for articles and products for personal care and hairdressing salons & personal grooming establishments.

The CSO also released data for National Average Prices for selected items in the CPI ‘basket’.

Said Dawson: “The national average price for bread (large (800g white sliced pan) was up 18 cents in the year to June 2022, while the same size brown sliced pan was up 19 cents. The price of spaghetti (500g) increased by 21 cents while the average price for 2.5kg of potatoes decreased by 20 cents.

“Full fat milk (two litres) increased by 27 cents in the year while the average price of Irish cheddar per kg rose by €1.07 and butter per lb rose by 48 cents.

“The national average price of a take-home 50cl can of lager at €2.14 was up 26 cents on average from June 2021 while a take-home 50cl can of cider at €2.43 was up 22 cents. In June 2022, the national average price of a pint of stout in licensed premises was €5.13, up 17 cents a pint in the year, while a pint of lager was €5.53, up 22 cents compared with June 2021.”

Full data, with the CSO’s press release, are available here and here.