26 Jun 2022

Inflation in Ireland hits highest level since 1984, CSO reveals

Inflation in Ireland hits highest rate since 1984, CSO reveals

Inflation in Ireland has risen to the highest rate since 1984. New figures from the Central Statistics Office (CSO) show inflation hit 7.8% in May, up from 7% in April.

The increase was largely driven by spikes in fuel prices.

The cost-of-living crisis facing households across the country has dominated politics in Ireland in recent months, amid concerns about the impact on the poorest.

Colin Cotter, a CSO statistician, said: “Prices have been rising on an annual basis since April 2021, with an annual inflation of 5.0% or more recorded each month since October 2021.”

According to CSO data, electricity prices jumped by 41% in the last year, while home heating oil rose by more than 100%.

The cost of diesel also increased by 42% and petrol by 26%. 

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