Consumer prices rise 1.6% on utility bills but oil markets and ECB may provide respite

Huge spike in global crude oil prices have spilled out in higher utility and household bills

The costs Irish households pay for their electricity and gas were unchanged in June from May but have nonetheless climbed 9.6% and 3.4% since June 2020, according to the CSO figures. 

Higher fuel costs amid the rebound in the global economy continue to drive Irish consumer prices up, but oil markets and a new policy by the European Central Bank (ECB) may offer a respite.   

New CSO figures showed Irish consumer prices rose by an annual 1.6% in June as the increase in crude oil prices since the reopening of the global economy continued to push up a wide range of household utility electricity and heating bills, as well as transport costs.