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Inflation

Cost-of-living: Inflation remains at highest level in 38 years at 9.1%

Price hikes have been seen most acutely in electricity, gas and home heating oil.

IRISH CONSUMER PRICES rose by 9.1% in the 12 months to July 2022, remaining at the same level recorded last month.

The 9.1% increase is the highest rise in the Consumer Price Index since 1984, where annual inflation ran at 9.7%.

According to the Central Statistics Office, prices have been rising in Ireland since April 2021, with price rises of 5% or higher being recorded since last October.

The continued price hikes have been seen most acutely in electricity, gas and home heating oil, with prices increasing by 40%, 56.6% and 91.9% respectively.

So far this year, the highest price increases are in Housing, Water, Electricity, Gas and Other Fuels, increasing by 21.6%, and in Transport, increasing by 19.4%.

According to the CSO, the higher transport costs are down to the high cost of petrol and diesel compared to this time last year.

Additionally, there has been an increase in some staple items, with the average price for a sliced pan of bread rising by 18 cent to June 2022.

A 500 gram pack of spaghetti rose by 21 cent in the last 12 months, while the price of a two litre bottle of milk rose by 27 cent.

The only reported decrease was in the average price of a 2.5kg bag of potatoes, which fell by 20 cent.

Last month, the average price of a pint of stout was €5.13, up 17 cent compared to the same period in 2021, while the average price of a pint of lager was up 22 cent to €5.53.

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