Inflation up to 2.4% in May

Inflation increased by 0.4% last month, twice the rate of the increase in the same month last year.

As a result, the annual rate of inflation rose to 2.4%, up from 2.2% in April, figures from the Central Statistics Office revealed today.

The EU Harmonised Index of Consumer Prices (HICP) increased by 0.2% in the month, which was the same as the increase recorded in May 2004. The annual rate of inflation as measured by the HICP remained unchanged at 2.2% in May.

The most notable changes in the year were increases in housing, water, electricity and fuels.

There were decreases in clothing and footwear (-2.7%), furnishings, household equipment and DIY.

Food prices fell 1.1%.

The most significant monthly price changes were increases in transport (+1.0%), health (+0.6%) and education (+0.4%).

The main factors contributing to the monthly change were:

- Higher prices for petrol and increased air fares affecting travel costs

- Increases in doctors' fees and the cost of prescribed drugs.

- Education rose with increases in other education & training costs. This included higher fees for language courses and driving lessons.

The CPI excluding tobacco index for May was 110.4, up 0.3% since April and up 2.5% in the year.