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Friday 30 September 2016

Massive hike in car insurance amid rises

Sean Duffy

Published 15/07/2016 | 02:30

Car insurance premiums recorded a dramatic rise of 38pc. Stock image
Car insurance premiums recorded a dramatic rise of 38pc. Stock image

Consumer prices in Ireland rose for the fifth straight month, rising by 0.7pc in June compared to May.

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The latest figures released by the CSO reveal that prices on a year-to-year basis were up 0.1 compared to the same month in 2015.

Goods and services were up 5.9pc on an annual basis, educations costs went up 3.8pc.

The cost of rental accommodation grew by 8.9pc across the country for the year and was up by 0.8pc from May.

Car insurance premiums recorded a dramatic rise of 38pc.

Transport costs declined by 4pc since 2015, while the price of clothing and footwear fell by 2.9pc. Furnishing and household equipment figures dropped by 0.3pc, while the costs associated with third level education grew by 5.1pc to June. Thomas Burke, director of Retail Ireland, said: "The figures are good news for Irish consumers. There have been significant falls over a long period of time in certain areas so there's definitely value out there for Irish consumers"

Despite this, Mr Burke also expressed a degree of caution: "One thing that is a little concerning is the rising costs for retailers. Margins are being squeezed all the time and this could have an impact on the sector in the longer term"

Irish Independent

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