Wednesday 21 August 2019

Inflation hits a six-year high amid rent and energy hikes


Stock photo
Stock photo
Charlie Weston

Charlie Weston

Inflation has hit its highest level in six years.

Overall prices climbed by 1.1pc in March, with higher transport, hotel accommodation costs, and rents behind the rise.

March's figure compares with inflation of 0.6pc in February, according to the Central Statistics Office (CSO). It marks the first time the annual inflation rate has gone above 1pc in six years.

Economists said price rises last month were stronger than expected, but overall inflationary pressure in the economy remains muted.

Over the past year the price of food, non-alcohol drinks and cigarettes have risen. Electricity, gas and home-heating oil were also up.

Rents were 5.6pc higher in the year. Petrol and diesel prices continue to rise on an annual basis. Also up is the cost of newspapers.

Motor insurance costs are down almost 6pc in the year, says the CSO.

Irish Independent

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