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Cost of living up but at a slower rate of increase

The cost of living has soared by 2.7pc since this time last year with mortgages and energy prices mainly driving the increase.

The consumer prices survey showed the annual inflation rise to the end of May has eased back slightly from the higher levels seen in the previous two months.

According to the Central Statistics Office the monthly increase fell back to 0.1pc - a low not seen since the January sales.

Other big hikes in costs over the last year included health, up 4pc, housing, water, electricity, gas and other fuels, up 8.5pc, communications, up 4.1pc, and miscellaneous goods and services, such as childcare, personal grooming, funerals, insurance and jewellery, up 8.4pc.

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