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Financial News: Ireland Inflation Highest Since June 1984

Ireland Inflation Highest Since June 1984

11/10/2022 - 09:04:00 (RTTNews)

(RTTNews) - Ireland's consumer price inflation accelerated in October to reach its highest level in more than thirty-eight years amid surging costs for energy and food, data from the Central Statistics Office showed Thursday.

Consumer prices climbed 9.2 percent year-over-year in October, following an 8.2 percent increase in September,

Further, this was the strongest inflation rate since June 1984, when prices had risen 9.7 percent.

Utility costs alone grew 27.8 percent annually in October, led by a 47.7 percent jump in prices for energy products.

Prices for food and non-alcoholic beverages also logged a double-digit annual growth of 10.6 percent, and transport charges gained 9.0 percent.

The only divisions that showed an annual decrease in October were miscellaneous goods and services and education, the agency said.

On a monthly basis, consumer prices went up 1.6 percent in October after showing no variations in September.

EU harmonized inflation also accelerated to 9.4 percent in October from 8.6 percent in the previous month.

Month-on-month, the harmonized index of consumer prices increased 1.5 percent versus a flat change in the preceding month.

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