Annual inflation rose to 1% in November from 0.7% in October, according to the latest consumer price index from the Central Statistics Office (CSO).

Excluding energy and unprocessed foods, inflation was measured at 2% in the 12 months to November.

The divisions with the largest annual price increases were restaurants & hotels (+3.8%) and alcoholic beverages & tobacco (+3.5%) reflecting higher food and drink prices while clothing & footwear (-7.5%) and transport (-1.6%) posted the largest year-on-year declines.

There were also increases in the price of recreation & culture (+2.8%) and education (+2.3%) and minor decreases in furnishing, household equipment & routine household maintenance (-0.5%) and housing, water, electricity, gas & other fuels (-0.2%).

On a monthly basis, consumer prices fell 0.5% in November driven by falls in prices for recreation & culture (-2.6%) due to the lower cost of package holidays, and alcoholic beverages & tobacco (-1.2%) offset by increases in clothing & footwear (+0.4%) and food & non-alcoholic beverages (+0.2%).

Anthony Dawson, statistician in the prices division of the CSO, said there were price increases in November 2024 for a pound of butter (+58c), Irish cheddar cheese per kg (+23c), a 2.5kg bag of potatoes (+18c), two litres of full fat milk (+13c), and spaghetti per 500g (+1c).

There were decreases in the price of an 800g loaf of white sliced pan (-3c), and an 800g loaf of brown sliced pan (-1c) when compared with November 2023.”

(Pic: Getty Images)