Rents surge to end the year 6.4% higher, while mortgage interest costs start to inch higher

Rents surge to end the year 6.4% higher, while mortgage interest costs start to inch higher

Rents surged and mortgage costs started to inch higher again in the past year, according to the official consumer price figures.

Private landlord rents rose slightly last month but have now climbed 6.4% since December 2017, while local authority rents were around 5% more expensive in the past year.

The increases come at a time when the overall annual inflation rate as measured by the Consumer Price Index remained subdued, at 0.7%.

After falling in previous years, the costs of servicing a mortgage rose slightly last month and have risen 1.3% since December 2017.

The CSO said the largest annual price increases were posted in the categories of housing, water, electricity, gas and other fuels; alcoholic beverages and tobacco; restaurants and hotels; as well as education.

Its detailed figures show the costs of electricity, gas and other fuels climbed 5% since December 2017, while the cost of natural gas was 8.6% higher.

Petrol and diesel prices were up by almost 4% and 7.7% in the year.

Prices charged by restaurants and cafés rose 0.5% last month and were almost 3% higher since December 2017.

The cost of hotel accommodation fell 1.5% since December 2017, the figures show.

October’s budget announced a hike in the Vat rate for hospitality and hotels.

According to the CSO figures, some types of insurance fell in the past year: motor car premiums and health insurance fell by over 7% and by 4.7%.

House insurance costs rose by an annual 3.5%.

More on this topic

Limerick, Galway and Louth had most houses failing to meet minimum standardsLimerick, Galway and Louth had most houses failing to meet minimum standards

Rental costs rise at many times the overall inflation rate Rental costs rise at many times the overall inflation rate

Problem of high rents won't be solved by raising wages, say ISMEProblem of high rents won't be solved by raising wages, say ISME

Sanctioning rent rise rates is ‘Celtic Tiger economics’Sanctioning rent rise rates is ‘Celtic Tiger economics’

More in this Section

Louis Copeland to open Cork storeLouis Copeland to open Cork store

Dispute over lease at Cork city centre premises to be fast trackedDispute over lease at Cork city centre premises to be fast tracked

Management company loses High Court action over right of access to hotelManagement company loses High Court action over right of access to hotel

Cork's Fota Adventure Park faces closure without affordable insuranceCork's Fota Adventure Park faces closure without affordable insurance


Lifestyle

Homemade ice pops are handy for many reasons, they refresh on a warm day, but also you know exactly what is in them; no strange colourings or preservatives.Michelle Darmody's home made ice pops

Sometimes travel can be more about the journey than the destination, as Caroline Hennessy and her family discovered when they took a 13-hour overnight journey from San Sebastián to Lisbon to check out the Trenhotel experienceTravelling by train in Europe - with kids

The Great Hack looks at the implications of the scandal involving Cambridge Analytica and Facebook, writes Laura Harding.When tech firms go bad: Netflix's new documentary on Cambridge Analytica / Facebook scandal

Often hailed as one of the greatest animated films ever made, The Lion King has a special place in the hearts of generations of children.New King of the jungle: The director behind The Lion King remake

More From The Irish Examiner