Annual rate of inflation up to 9.2% in October
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Loading... - Hanha Farkas
- 10 Nov 2022
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The annual rate of inflation rose to 9.2% in October, new figures from the Central Statistics Office show today.
This compares to an annual rate of 8.2% in September and marks the highest rate of inflation since June 1984 when inflation was 9.7%.
The CSO noted that consumer prices have been rising on an annual basis since April 2021, with annual inflation of 5% or more recorded in each month since October of last year.
Inflation had eased over the previous two months after steadying at the recent high of 9.1% in July, but it was expected to rise again after energy companies said that price increases of up to 47% would be implemented in early October.
The CSO noted that the month-on-month increase of 1.6% was the second highest monthly jump in consumer prices this year.
The Department of Finance has said it expects inflation to peak at 10.4% in the final quarter, before easing gradually to average 7.1% next year.
Today's figures show that electricity prices are up 71.2% on an annual basis while gas prices soared 93.3%. Home heating oil is also 65.4% more expensive compared to this time last year while solid fuels prices are up 47% in the year. Read More...
