IRISH CONSUMER PRICES were on average 5% higher in January than they were a year previous, with transport and household energy costs driving the increases, the Central Statistics Office (CSO) has said.
The Consumer Price Index for January 2022, released today, displays eye-watering increases in the cost of fuels compared with the same time last year, with the price of home heating oil rising 50% and petrol jumping nearly 30%.
However, it wasn’t all bad news as the overall index of prices dropped slightly (-0.4%) compared with the previous month, ending a run of 14 consecutive months of inflation.
Car fuel is significantly more expensive than last year, with diesel jumping by 32% while petrol rose 29.5%.
Prices at the pump have surged over the past 12 months due to rising oil prices and a carbon tax increase in October’s Budget.
The CSO’s blended household fuels measure increased by 27% in the last year and 1% on the previous month.
Electricity rose by 22% year-on-year and gas rose 28%. By far the biggest increase was seen in home heating oil, which rose 50% since January 2021 and over 4% since December.
In a Red C poll last month, almost half of unemployed people and single parents said they had cut back on essential heating and electricity because of cost increases.
Another notable increase was recorded in the price of take-home alcoholic beverages, which rose by more than 17% on the last month and almost 9% in the past year. This coincides with the introduction of minimum unit alcohol pricing.
The CSO recorded a 2.6% increase in the price of recreation and cultural activities while there were decreases in clothing and footwear (-3.7%) and miscellaneous goods and services (-0.8%).
The statistics included a break-down of individual prices of standard items bought by households.
Among the products showing the biggest increases were bread and pasta (both up 7%), crisps (+8%), lamb and goat (+9.7%) and margarine and other vegetable fats (+12%).
To embed this post, copy the code below on your site
have your say