Saturday 29 April 2017

No increase in cost of motor insurance for third month in a row

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Charlie Weston Personal Finance Editor

There has been no monthly increase in the cost of motor insurance for the third month in a row.

But drivers have been hit by higher costs of petrol and diesel at the pumps.

Food price prices fell in March. This is thought to be due to the Brexit bonus as imports are now cheaper due to the fall in the value of sterling relative to the euro.

The overall rate of inflation was up 0.7pc compared with a year ago.

This was slightly higher that the rise in overall prices in February, with fuel price rises the main reason for the pick-up in prices in March, according to the latest consumer price index from the Central Statistics Office.

Read more: Charlie Weston: Poor switching levels mean that we really are our own worst enemies

There was no rise in motor premiums again in March. The monthly cost of premiums was flat in February and January also.

But the surges in the cost of cover over the last few years have seen premium rates shoot up by 60pc on average since 2010, additional information obtained from the CSO indicates.

And the cost of health insurance and home insurance rose by 8pc each in the past year.

The cost of going to restaurants and hotels rose in the past year due to higher prices for alcoholic drinks and food consumed in licensed premises, restaurants, cafes, and an increase in the cost of hotel accommodation.

Prices of food and non-alcoholic beverages fell in the last year due to lower prices across a range of products such as jam, honey chocolate and confectionery, bread and cereals, vegetables and milk, cheese and eggs.

The CSO said furnishings, household equipment and routine household maintenance costs decreased.

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