Business Irish

Sunday 21 September 2014

Inflation: Cost of living rises but at slower rate than last year

Grainne Cunningham

Published 08/11/2012 | 12:02

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ANNUAL inflation rose by 1.2pc in the year to October - less than half last year’s increase of 2.8pc

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The cost of living fell slightly last month, down by 0.1pc, according the Consumer Price Index (CPI).

This compares to an increase of 0.3% recorded in October of last year.

Prices on average, as measured by the CPI, were 1.2pc higher in October compared with October 2011.

However, the cost of education rose by 6.7pc, transport was up 5.8pc and goods and services, up by 5.6pc.

The cost of alcohol and tobacco also rose by 3.5pc.

These increases were offset by falls in the cost of expenditure on other commodities such as communications, down 3.4pc, housing, water, electricity, gas and other fuels, down 3.3pc while the cost of furnishings, household equipment and routine household maintenance also fell by 2.7pc.

The most significant monthly price change was a 2.7pc fall in transport costs, mainly due to a decrease in airfares and lower petrol and

diesel prices.

Education rose due to an increase in third level education costs and there was a monthly increase in the cost of housing, water, electricity, gas and other fuels mainly due to higher charges for electricity and gas.

Ireland had one of the lowest rates of inflation in the EU to September of this year, ranking above only Greece, Sweden, Latvia, Germany, France and the UK, out of the 27 member states.

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