Rocketing energy costs drive Irish consumer prices to highest level in more than 14 years

Prices jumped by over 5% in October – when compared to the same month last year – latest CSO inflation figures show.

Surging energy costs drove Irish consumer prices to their highest level in 14 years, last month, new figures show.

Prices jumped by over 5% in October – when compared to the same month last year – latest CSO inflation figures show.

The year-on-year rise compares unfavourably to the 2.8% and 3.7% levels seen in August and September, respectively.

The CSO said the year-on-year jump in October marked the largest annual change in prices since April 2007.

On a rolling month-by-month basis, consumer prices rose by 0.7% in October; again representing a continued gradual increase.

Transport and energy costs – the latter taking in housing, water, electricity, gas and other fuels – drove October’s price surge, with respective rises of 15.4% and 10.8%, the CSO said.