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Consumer Price Index
Cost-of-living crisis: Inflation hits 9.1% to reach highest level in 38 years
It’s the largest annual increase since 1984.
IRISH CONSUMER PRICES rose by 9.1% on average in the 12 months to June — up from an annual increase of 7.8% in the year to May.
The increase is the largest annual rise in the consumer price index since the second quarter of 1984 when annual inflation was 9.7%.
Consumer price inflation has been rising at an annual pace of 5% or more since October 2021, according to the Central Statistics Office (CSO).
Soaring energy costs are driving the price rises with electricity now 41% higher than this time last year. Gas is 57% more expensive and solid fuels are up 26%.
The biggest price increases in the year to June were seen in Housing, Water, Electricity, Gas & Other Fuels, which was up by 22.5%, and Transport, which was up by 20.4%.
The rises in transport costs were attributed to an increase in the cost of diesel, petrol and air fares compared to May 2022.
Prices on a range of goods, including bread, cereals, milk and cans of lager were also among those to increase during June.
More to follow.
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