Higher energy prices push inflation to 4.3% in October

Résumé détaillé

Higher energy prices have pushed the rate of inflation to 4.3% for the 12 months to October, new CSO figures show.

Higher energy prices have pushed the rate of inflation to 4.3% for the 12 months to October.

This compares with 4.1% for the year to September, according to the latest Consumer Price Index figures from the Central Statistics Office.

CSO statistician Anthony Dawson said the rate in October was "the highest rate of inflation since December 2023 when inflation was 4.6%."

Food prices have risen by 0.8% over the past year but many economists have warned grocery prices could increase further this year as a result of higher fertiliser costs adding to farming costs.

Today's figures show price rises for sirloin steak per kg (up 15 cent), a 2.5kg bag of potatoes (up 12 cent) and an 800g loaf of white sliced pan (up one cent).

But dairy prices fell with decreases for butter (down 57 cent), Irish cheddar per kg (down 28 cent) and 2 litres of full fat milk (down four cent).

Separate figures from the CSO today show that rent prices have increased by 36% while mortgage interest costs have increased by 98.3% over the last five years.

On an annual basis rents were up by 7% in October compared to the same time last year, while mortgage interest rose by 10.8%.

The CSO said that Local Authority rents have risen by 12.7% since October of last year, while Private Rents have increased by 5.5%.

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