Inflation hits 7.8% in May, the highest rate in 38 years

Price pressures are continuing to build for consumers amid a global supply chain crisis and rising energy prices.

Price pressures are continuing to build for consumers amid a global supply chain crisis and rising energy prices.

Ireland's inflation rate reached 7.8% in May, the highest level in 38 years, showed statistics released by the Central Statistics Office today.

The Consumer Price Index last reached this level when annual inflation stood at 7.9% in Q3 1984.