Ireland’s cost-of-living squeeze intensified last month with inflation surging to a 22-year high of 6.7 per cent., are expected to push the level of price growth even higher in the coming months.The latest consumer price index from theEnergy prices, however, were the main driver, with electricity, gas and other fuels up almost 47 per cent year on year.
The CSO figures show the cost of motoring has also risen sharply, with petrol and diesel prices up 35 per cent and 46 per cent respectively. An increase in carbon tax included in October’s budget is expected to add further cost to fuel and home heating prices. Airfares have risen 69 per cent since March last year.
Food and non-alcoholic beverages also increased 3 per cent on an annualised basis due to higher prices across a range of products such as meat, bread and cereals, mineral waters, soft drinks, fruit and vegetable juices and milk, cheese and eggs.
IrishTimes Meanwhile, the Russian Ruble hit a 12 month high today, as the USA increases its buying of Russian oil by 100,000 barrels a day.