Oliver Mangan: Surging gas prices remain big inflation risk

Food, alcohol, and tobacco price inflation in Ireland is running at 8%, housing and utility bills at 22%, transport at 19%, and restaurants and hotels at 7.5%

Energy prices have soared in recent months.

Inflation and the cost of living crisis continue to dominate the news headlines and remain the key preoccupation of financial markets and central banks. 

Last week’s British consumer prices report for July saw the headline rate there climb to 10.1%, up from 9.4% in June, with food price inflation jumping to 12.6% from 9.8%.