Inflation hits hard as consumers pay more for less, retail sales figures show

Sales of petrol and fuel starkly reflected the hit to households and businesses from soaring prices.

The huge effects of inflation are showing up in official retail sales figures, as consumers pay more for less for their shopping.

Retail sales measured in terms of value or by the amount of money spent rose by 6.1% in October from a year earlier, but still fell by 2.6% when measured in terms of volume, the Central Statistics Office figures show.  

Reflecting a similar pattern of rising prices, the value of retail sales rose in the month from September by 1.2%, but increased by only 0.7% in the month when measured in terms of volume.  

Sales of petrol and fuel starkly reflected the hit to households and businesses from soaring prices.

The Central Statistics Office said that in value terms, retail sales for fuel rose by 18.8% in the year, "while the corresponding volume rose by 1.9% over the same period, reflecting higher prices compared with the previous year".

There was little shelter from inflation for most retailers across many outlets and services. In volume terms, sellers of books, newspapers and stationery, food, beverages and tobacco, and furniture and lighting posted significant falls from October last year, according to the figures.  

However, clothing, footwear and textiles, department stores, bars, and motor trades posted annual gains in their volume sales.          

Online sales from Irish-based sellers accounted for a share of 4.8% of all sales in October, compared with 5.3% in September, and a share of 5.5% in October 2021.