Inflation figures - No relief as cost of living stays high

NOBODY can afford to take comfort from the latest inflation figures showing the annual rate fell back last month to 4.8% as prices for petrol, diesel and clothing goods eased a little.

After hitting a five-year high in January, the upward graph of Irish inflation has flattened somewhat and that has to be welcomed.

However, while the overall figure may suggest that inflation is levelling out, the stark reality is that the underlying increase is still evident. Across a range of products and services, prices continue to rise.

In the space of a year, mortgage interest repayments have risen by 48% and all the signs are that the rate will be jacked up again by the European Central Bank in June. While Ireland’s inflation rate did fall this month, it is still more than twice the European rate and is running at a level that is way too high.