Annual consumer price inflation rose one percentage point to 9.2% in October from 8.2% in September, the latest Central Statistics Office (CSO) show.
October was the 13th straight month that annual inflation in the consumer price index (CPI) has exceeded 5%, with the price of electricity, gas and other fuels (+27.8%) dragging inflation close to double digits following widespread hikes by energy providers.
The price of food and non-alcoholic beverages rose 10.6% year-on-year, while education (-6.6%) and miscellaneous goods and services (-0.1%) were the only divisions to see declines in the prices over the past 12 months.
"Increased energy costs are reflected in the yearly increase of Housing, Water, Electricity, Gas & Other Fuels with electricity up 71.2%, gas up 93.3%, liquid fuels (home heating oil) up 65.4% and solid fuels up 47.0% in the year," said Anthony Dawson, statistician in the prices division at the CSO.
"The annual change in Food & Non-Alcoholic Beverages costs reflects a rise in prices across a range of products such as fresh whole milk (+25.4%), butter (+19.3%), eggs (+17.7%) and bread (+16.0%) compared with October 2021.
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Of the 9.2% increase, housing, water, electricity gas and other fuels are estimated to have accounted for around half (4.54%), with transport making up 1.23% despite cuts in the cost of public transport, food and non-alcoholic beverages 1.22%, and restaurants and hotels 1.14%.
Education (-0.12%) and miscellaneous goods and services (-0.02%) are believed to offset inflation, the later mainly due to the falling price of motor and health insurance as well as jewellery, clocks and watches.
Month-on-month consumer prices increased 1.6% after an 8.7% increase in housing, water, electricity, gas and other fuels, and a smaller surge in the price of food and non-alcoholic beverages (+1.1%) offset by the falling cost of education (-6%) and restaurants and hotels (-0.4%).
Dawson said the latest round of price hikes announced by energy providers, higher interest rates on mortgages and more expensive rents drove inflation last month, while the lower cost of third-level education partially offset it.
After inflation of 0.4%, 0.2% and 0% from July to September, the 1.6% monthly change in October was the largest since the 1.3% posted in June, while annual inflation of 9.2% also compared unfavourably with figures for each of the previous four months.
The National Average Price or staple items such as an 800g loaf of white sliced pan (+26 cent), two litres of full fat milk (+43c), and a pound of butter (+60c) also rose significantly year-on-year last month.
(Pic: Getty Images)
