Rising oil prices push inflation rate back up to 4.7%

Ireland's inflation rate jumped sharply in the past month following a significant decrease the previous month.

There was some optimism when the inflation rate fell from 5% to 4.3% in April.

However, the latest CSO figures show the rate went back up to 4.7% in May, mainly due to higher prices for petrol, diesel and home heating oil.

Accommodation prices in hotels and B&Bs were also up, as were the price of wine and cigarettes.

EU inflation also increased from 3.3% to 3.7% last month.

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