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Consumer Price Index

Annual inflation eases again slightly in September after 38-year high in July

Home heating oil was up 83.8% in the year to September.

ANNUAL INFLATION HAS eased again slightly in September, slowing down for the second month in a row. 

The CSO’s latest Consumer Price Index shows that prices for goods and services rose by 8.2% in the year to September. This is the 12th straight month where the annual increase for the Index has been at least 5%.

Prices rose by 8.7% in the year to August. 

These figures compare to the 38-year highs of 9.1% that were seen in the months of June and July.

Significant year-on-year increases were seen in energy costs, with electricity up 36.2%, gas up 53.1%, and home heating oil up 83.8%.

There has also been an annual increase of 32.5% in the cost of diesel and 15.1% in the cost of petrol.

Car prices have also gone up by 11.2% and airfares have seen a 18.8% rise when compared to September 2021.

Multiple energy suppliers have announced price increases recently, and Taoiseach Micheál Martin said last week that energy prices are “off the Richter scale” compared to last year.

Yesterday, Public Expenditure Minister Michael McGrath said nobody should lose their energy supply this winter due to financial hardship.

He made the comments in the Dáil in response to Sinn Féin’s Claire Kerrane, who said the Government had not done enough to protect those facing electricity disconnections due to rising energy costs.

McGrath said the Government had responded in what he believed is a “very fair and generous way” in the Budget to assist households with rising cost-of-living outgoings.

He said the measures include three €200 electricity credits, an expansion of the fuel allowance, lump payments and an increase in weekly welfare payments.

In addition, McGrath said the pause on disconnections for non-payment had been extended to three months and for vulnerable customers the period had been increased to six months.

“We acknowledge they are in a different situation, they are in a more vulnerable situation because in the absence of anything else happening, if there credit is gone then the power essentially stops,” he said. 

“There should be no reason why anyone this winter because of reasons to do with financial hardship loses their power supply.”

He added: “We certainly do not want to see any vulnerable household lose their energy supply this winter.

“We do not believe that that should happen, we believe sufficient supports have been put in place to prevent that from happening.”

Includes reporting by Press Association

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