Consumer prices continued to rise in March, rising 7.7 per cent year on year, as high costs continued to squeeze Irish consumers.
That was down from 8.5 per cent in February, and 7.8 per cent in January. Inflation has now stayed at 5 per cent or more for 18 months in a row. Prices increased at the slowest annual pace since April last year.
According to the consumer price index (CPI), prices were 1.1 per cent higher on average between February and March, down from 1.6 per cent the prior month. Before February the CPI had fallen for three consecutive months.
The largest annual increases were seen in the costs of housing, water, electricity, gas and other fuels, which rose almost 21 per cent as the high cost of gas and electricity pushed prices higher. In the year to March, electricity prices showed a rise of almost 63 per cent, while gas was just under 86 per cent higher over the year. Rising rents and mortgage interest also piled the pressure on.
The cost of food and non-alcoholic beverages was also higher, at 13.1 per cent, pushed higher due to increasing prices for products such as sugar, frozen fish, fresh whole milk, butter and eggs over the year.
Education was the only category that saw a decline year on year, with costs falling 6.3 per cent.
On a monthly basis, transport costs rose 2 per cent as higher airfares hit, and restaurants and hotels saw an increase of 1.9 per cent.
The National Average Prices published on Thursday showed increases for a number of staple items for consumers. An 800g loaf of bread costs 25 cent more than it did in March last year, while the cost of 2 litres of full fat milk rose 45 cent in the year. Butter also saw a significant rise, with 1lb costing 68 cent more.
“Household costs were the main contributors to the increase in the March consumer price index with the cost of mortgage interest up 35 per cent,” said Anthony Dawson, statistician in the prices division. “Food prices were also up over the last 12 months with whole milk up 24 per cent also up 21 per cent and bread up over 50 per cent when compared to this time last year.”
