Inflation rate rises to 6.7% on spike in energy prices

This is the largest annual increase in the rate of inflation since November 2000 when annual inflation stood at 7%.

The war in Ukraine has sparked an energy price shock which is now spreading through the economies of Europe, including Ireland. Both electricity and gas bills here are going up at over 20% on an annual basis with significant price rises due to take effect later this month and next month. Today's figures show that home heating oil took a leap of over 58% in March which means it has gone up on an annual basis by almost 127%.Food inflation continues to rise at an annual rate of 3% with steeper increases for goods like bread, flour, pasta, margarine and oils which depend on ingredients from Ukraine and Russia. The Central Bank earlier this week forecast that price growth would peak at 7.7% in the second quarter and remain above 7% for the third quarter before declining to 5.

The CSO said that prices overall were 1.9% higher than February, the fastest month-on-month rise since monthly figures were first collected in 1997.

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Airlines see higher fares after energy price spikeAirlines will pass on rising oil prices to passengers through higher fares relatively quickly, but the spike in energy costs will worsen the industry's overall outlook in 2022, the head of the International Air Transport Association said today. rtenews Tell them to fuk off.. They have been bailed out more times than Nick Cotton.. rtenews Correct me if I am wrong but surely these massive corporations buy their fuel at a fixed priced for a 3 year period to avoid volatility in fuel prices.. obviously if this is the case the 3years must be up end of April
Source: RTEbusiness - 🏆 16. / 61 Read more »

Inflation jumps to 22-year high of 6.7% in MarchSoaring energy prices expected to push level of price growth higher in coming months 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.
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

'Real' incomes to fall for first time since 2013 with inflation outpacing wage growthThe experience of inflation is 'not uniform across the economy', the report's authors note, with lower-income, older and rural households more likely to be impacted.
Source: thejournal_ie - 🏆 32. / 50 Read more »

Iberdrola Ireland becomes latest energy supplier to put up prices againIberdrola Ireland becomes latest energy supplier to put up prices again via IrishTimesBiz IrishTimes Keep supporting your master in Whitehouse. Next election is a new government in Ireland The corrupted Iberdrola Maybe it's time for an energy strategy based on models which compare all major technologies and determine the cheapest and cleanest mix?
Source: IrishTimesBiz - 🏆 6. / 77 Read more »