Households face jump in inflation rate

October marked the second consecutive month in which the annual rate of inflation eased, but it is still expected to be only a temporary respite for households as rises in energy and mortgage interest costs are set to push up the inflation rate.

The latest consumer price index published yesterday by the CSO detailed a 1.2% year-on-year rise in October, following on from annualised increases of 1.6% in September and 2% in August.

October’s prices decreased by 0.1% on a month-by-month basis, but transport, clothing/footwear, energy and education costs showed notable increases, while energy and education represented the main annualised rises.