Annual rate of inflation up to 9.2% in October
The annual rate of inflation rose to 9.2% in October, new figures from the Central Statistics Office show today.
This compares to an annual rate of 8.2% in September and marks the highest rate of inflation since June 1984 when inflation was 9.7%.
The CSO noted that consumer prices have been rising on an annual basis since April 2021, with annual inflation of 5% or more recorded in each month since October of last year.
Inflation had eased over the previous two months after steadying at the recent high of 9.1% in July, but it was expected to rise again after energy companies said that price increases of up to 47% would be implemented in early October.
The CSO noted that the month-on-month increase of 1.6% was the second highest monthly jump in consumer prices this year.
The Department of Finance has said it expects inflation to peak at 10.4% in the final quarter, before easing gradually to average 7.1% next year.
Today’s figures show that electricity prices are up 71.2% on an annual basis while gas prices soared 93.3%.
Home heating oil is also 65.4% more expensive compared to this time last year while solid fuels prices are up 47% in the year.
The cost of some food products were also more expensive in October of this year with milk up 25.4%, butter prices rising by 19.3%, the prices of eggs increasing by 17.7% and bread up 16% compared with October 2021.
Rents and mortgage interest repayments also went up last month.
But prices were lower for certain types of insurance and petrol at the pumps fell slightly, today’s CSO figures show.