News

Inflation in Ireland rises to highest level in 38 years

Inflation in Ireland rises to highest level in 38 years

By Dominic McGrath, PA

Inflation in Ireland has risen to the highest rate since 1984.

New figures from the Central Statistics Office (CSO) show inflation hit 7.8 per cent in May, up from 7 per cent in April.

The increase was largely driven by spikes in fuel prices.

Advertisement

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: β€œPrices have been rising on an annual basis since April 2021, with an annual inflation of 5.0 per cent or more recorded each month since October 2021.”

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

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

Advertisement