Insurance costs push inflation to 3-year high

Insurance costs continued to rise significantly last month, almost single-handedly driving inflation to its highest level in three years.

Latest figures from the CSO yesterday showed a 0.5% annualised increase in consumer prices in July, although on a month-by-month basis prices dipped by 0.2%. Last month’s annualised inflation rate was the highest since July 2013.

While price areas such as education and restaurants/hotels grew, there were declines in the cost of energy, communications, transport, and household maintenance.