Inflation jumps to 4.9% in January

Ireland’s inflation rate rose by 0.7% in the weeks following the introduction of the euro, according to figures released by the Central Statistics Office today.

The rate of inflation for January was 4.9%, up from 4.2% in December. The sharp rise appears to vindicate a report by the Consumers Association of Ireland which said businesses and retailers had hiked prices to take advantage of the confusion surrounding the euro changeover.