HIKES in the cost of food and clothing pushed Ireland’s rate of inflation to 4.8% last month from 4.3% in January.

IRELAND’S trade surplus narrowed to the smallest in eight years in December, with exports and imports both falling significantly.

INFLATION could hit a seven-year high this year, as the latest figures reveal a hike in air fares, petrol prices and home-heating oil pushed it to 5% last month.

IRISH consumers are on a massive shopping spree spending 8.3% more that they were 12 months ago, despite plunging €177 million a month into Special Saving Incentive Accounts (SSIA).