Consumer price inflation of 5.5% is fastest pace since 2001

The squeeze on the living standards of Irish households is continuing and the signs are there will be no dramatic easing in the exceptional pressures in the months to come

New CSO figures show that spiralling winter wholesale energy costs have been passed down the pipeline to consumer bills, with the cost of household utility bills, which include electricity, gas and other fuels, up 11.8% in the year.

The squeeze on the living standards of Irish households is continuing, with inflation in December reaching 5.5% – the highest since April 2001 – and the signs are there will be no dramatic easing in the exceptional pressures in the months to come.

New CSO figures show that spiralling winter wholesale energy costs have been passed down the pipeline to consumer bills, with the cost of household utility bills, which include electricity, gas and other fuels, up 11.8% in the year.