Prices estimated to have risen by 9.5% – new figures show

The EU harmonised index of consumer prices (HICP) was estimated to have increased by 9.5% in the year to October, according to new figures.

The measure of inflation in Ireland was 8.6% in September, the Central Statistics Office (CSO) revealed.

The “flash” HICP for Ireland in October shows energy prices are estimated to have increased by 13.6% in the month and are up by 47.6% since October last year.

Excluding a rise in energy prices, the HICP estimates inflation to have increased by 5.9% since October 2021.

Eurostat will publish the figures for the whole of the Eurozone, including Ireland, on Monday.

Anthony Dawson, statistician in the prices division, said: “The latest flash estimate indicates that prices for consumer goods and services in Ireland are estimated to have increased by 9.5% in the past year.

“Looking at the components of the flash HICP in Ireland for October 2022, energy prices are estimated to be to have increased by 13.6% in the month and up 47.6% since October 2021.”

The Consumer Price Index (CPI) is the official measure of inflation for Ireland and is published monthly by the CSO.