Inflation remains at 9.1% in July, the highest rate in 38 years

Inflation remains at 9.1% in July, the highest rate in 38 years

Housing, energy and transport the highest driver of price increases.

Inflation remains at its highest level in 38 years, with prices rising by 9.1% in the year to July 2022.

The Central Statistics Office’s latest Consumer Price Index for July shows inflation at the same rate as in June, with housing, energy and transport the highest driver of price increases.

Electricity (up 40%), gas (up 56.6%) and home heating oil (up 91.9%) have all significantly increased in the last year as households reel from the surging cost of living.

CSO statistician Anthony Dawson said: “This is the same level of annual inflation that was recorded in June 2022, which was the largest observed in 38 years, when annual inflation stood at 9.7% in Q2 1984.

“Prices have been rising on an annual basis since April 2021, with an annual inflation of 5.0% or more recorded each month since October 2021.” The rise in transport costs has been led by diesel (up 44.8%), petrol (up 35.4%) and airfares (up 47.8%).

Meanwhile, rents are up 12.9% in the last year, the cost of dining out is up 5.6% while the cost of accommodation in the likes of hotels is up 21.7%.

Separately, the CSO’s national average prices for June 2022 show increases in staples such as bread and milk.

The national average price for bread (large (800g) white sliced pan) was up 18c in the year to June 2022, while the same size brown sliced pan was up 19c in the year, it said.

“Full-fat milk per 2 litres increased by 27c in the year while the average price of Irish cheddar per kg rose by €1.07 and butter per lb rose by 48c.” 

The price of a pint is also up on last year, with the average pint of stout up 17c in the year to €5.13. The average price of a pint of lager is €5.53, up 22c.

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