THE HIGHEST ANNUAL rate of inflation since February last year has been recorded in new figures published by the Central Statistics Office.

The most significant increases seen over the last year came in education where costs jumped by 8.9%, and in clothing where costs have risen by 4.4%.

Grocery bills continue to rise, with key items such as milk, meat, and butter showing increases. Festive treats like chocolate have grown by 11.5%, making the run-up to Christmas more expensive for households.

Spokesperson for broker Gallagher, Geraldine Kelly, said that families are facing a “careful balancing act” over the coming months between keeping the house warm, filling the weekly shop, and managing seasonal expenses.

“As we approach the busiest weeks of the year, families are feeling the combined weight of rising costs, stormy weather, and pre-Christmas spending,” Kelly said.

The CSO said the rise in education costs reflects a rise in costs associated with third-level education which came into effect from the October Budget.

In that financial statement, the Government ceased the previous temporary €1,000 cost-of-living waiver for college fees.

While the Government reduced the fees by €500 – so that they now cost students a maximum of €2,500 – these are still half a thousand euro more expensive than previous years.

The only division to show a decline was furnishings and routine household maintenance, where prices eased by 0.6%.