Cost of living soars to highest level in four years

THE recent rise in mortgage and energy rates has driven the cost of living to its highest level in almost four years, with more bad news on the way.

According to the latest consumer price index, interest rates rose from 3.9% in June, to 4.2% last month. However, economists are predicting it will rise to 5.5% by end of the year.

The CSO said most notable changes were in housing, water, electricity and other fuel costs which rose by 3.3% in July and by 16.5% in the last 12 months.