Thursday 19 October 2017

Consumer prices in Ireland are the third highest in the EU - CSO

Higher than the rest of the EU after Denmark and the UK

Higher than the rest of the EU after Denmark and the United Kingdom (Stock picture)
Higher than the rest of the EU after Denmark and the United Kingdom (Stock picture)

Charlie Weston Personal Finance Editor

Prices in this country are the third highest in the European Union, new figures show.

The level of prices in 2015 here where higher than the rest of the EU after Denmark and the United Kingdom.

New figures from the Central Statistics Office show prices were 22.5pc above the EU average.

Ireland had the fifth smallest increase in inflation in the EU between 2011 and 2015, but prices remain high by EU standards, the CSO said in a report called ‘Measuring Ireland’s Progress 2015.

Consumers can take some consolation from the fact that even though prices here are 22.5pc above the EU average, this represents an improvement on 2008.

Back then price levels in Ireland were 30pc above the EU average and were the second highest in the EU.

However, prices are on the rise again, despite the recent devaluation in sterling making imposts cheaper.

Separate inflation figures from the CSO show Irish consumer prices rose by 0.6pc in February from previous month.

This was up 0.5pc on last year, according to CSO data.

Motor insurance premium rates were flat again in February, but up 4.6pc when compared with the same month last year.

The cost of motor premiums did not rise in the month of January either, prompting hopes that the worst to the rises is over.

Premium costs have shot up by around 60pc in the last year.

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