Price of food, bills and rent up as average annual rate of inflation at highest level since 1984 

The price of food rose significantly in the last year, the CSO said.

Ireland became significantly more expensive last year, with the average annual rate of inflation at its highest level since 1984.

The Central Statistics Office revealed on Tuesday that 2022 had the eighth highest annual inflation rate from the almost 50 years of data it has available, standing at an average of 7.8% last year. The only years that had a higher rate were from the late 1970s and early 1980s.

Consumer prices rose by 8.2% over the 12 months to December 2022https://t.co/pYowt3QSrh#CSOIreland #Ireland #CPI #ConsumerPrices #Inflation #Deflation #Prices #BusinessStatistics #Business #BusinessNews #IrishBusiness pic.twitter.com/7bhtMsnJeQ

— Central Statistics Office Ireland (@CSOIreland) January 17, 2023

The price of food rose significantly in the last year, it said, with a pound of butter rising by 71c, a sliced pan of white bread by 26c and two litres of milk up 57c.

Rashers are €1.38 more expensive per kilo while pork sausages are up almost 70c per kilo. Irish cheddar is up €1.51 per kilo and half a dozen eggs are up 37c.

Our energy bills also became significantly more expensive, with electricity up 62.7%, gas up 86.5% and home heating oil up 39.9%.

Private rents, meanwhile, are up 10.6% and mortgage interest is up 22%.

It was the 15th straight month that the average increase in the Consumer Price Index was above 5%.

Housing and energy bills contributed to over half of the rise in the cost of living according to the CSO, representing 4.25% of the 8.2% inflation rate.

Prices for petrol and diesel entering 2023 remain significantly above 2020 levels.

It was a mixed bag in transport, however, as public transport fares fell during the year. While petrol fell by 5.8% in the year to December, diesel rose by 7.6%. Prices for petrol and diesel entering 2023, however, remain significantly above 2020 levels.

Accommodation services, such as hotels, meanwhile are up 14.6% in the year while the cost of restaurants, cafes and the like are up 7.4%.

In 2022, home insurance increased by 17.9%, according to the CSO while motor insurance fell 10.5%.

Looking at some other average prices, the price of a ladies’ wash, cut and blow dry has gone up by over €3 on average in 2022 to just under €50, while a ticket to the cinema is up 70c to €10.86.

A pint of stout, meanwhile, is up 26c to €5.20 countrywide, while an average pint of lager is up 43c to €5.73.