Households hit by soaring bills as costs rise 11.7%

HOUSEHOLD bills are increasing at five times the rate of inflation, with the cost of gas, electricity and service charges rising by 11.7%, compared to the annual inflation rate of 2.4%.

The latest Consumer Price Index (CPI) shows that consumer prices increased by 0.4% in May, pushing the annual rate of inflation to 2.4%, it’s highest since December 2004.

Fine Gael finance spokesman Richard Bruton said with massive increases in petrol, health and household bills, consumers are being hit with an inflation triple whammy.