Consumer price inflation rises 5% in January as price hikes weigh on household bills

The CSO said the price of home heating oil last month was 50% more expensive and petrol prices were up by over 29% compared with January 2021

Price pressures have been driven most by the shortages of all types of energy across Europe this winter.

Irish consumer price inflation rose by 5% in January, as price hikes for energy and other related costs continued to weigh on household bills.

However, inflation was down from the 5.5% rate posted in December – helped by lower prices for clothing and footwear – which will spark debate on whether the latest figures mark some sort of respite.