Inflation eases to 8.7% in August but prices continue to rise

The Consumer Price Index for the year to August shows it is the 11th month in a row that the annual inflation rate is above 5%.

“The annual change in transport costs reflects a rise in the cost of diesel (+34.6%), petrol (+23.5%), purchase of motor cars (+11.3%) and airfares (+34.2%) compared to August 2021,” said the CSO. 

The price of goods and services increased by 8.7% in the year to August, the Central Statistics Office has said, with the cost of food, energy and transport all still driving the surging cost of living.

The Consumer Price Index for the year to August shows a slightly lower inflation rate than the previous two months, where price rises stood at 9.1% over the year.