Consumer Prices Surge by 5.1% in Ireland
Annual CPI Increase Hits Highest Level Since 2008
Dublin, Ireland - The latest Consumer Price Index (CPI) figures released by the Central Statistics Office (CSO) show a significant increase in consumer prices over the past year. Between October 2022 and October 2023, the CPI rose by 5.1%, the highest annual increase since July 2008.
The rise in consumer prices is being driven by a number of factors, including the ongoing energy crisis, which has led to higher fuel and heating costs. Food prices have also been rising, as well as the cost of other essentials such as housing and transport.
The CSO report highlights that the largest contributor to the annual CPI increase was housing, water, electricity, gas, and other fuels, which rose by 12.1% over the year. Communication costs also increased by 6.3%, while food and non-alcoholic beverage prices climbed by 4.3%.
The surge in consumer prices is a major concern for the Irish government, as it puts pressure on household budgets and could lead to further inflation. The government has introduced a number of measures to try to ease the cost of living crisis, including a €1 billion package of supports for energy bills and a reduction in the VAT rate on gas and electricity.
However, economists warn that the inflation problem is likely to persist in the coming months, as the energy crisis shows no signs of abating. The European Central Bank (ECB) has already raised interest rates twice this year and is expected to do so again in the coming months, in an attempt to curb inflation.
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