Higher utility bills and transport costs drive inflation higher – CSO

Consumer prices rose by 1.6% in June on an annual basis on the back of higher electricity, gas and transport prices, new figures from Central Statistics Office show today.

The figure for June was marginally lower than the two-year high of 1.7% in May, the CSO said.

Prices had fallen on an annual basis during the Covid-19 pandemic before returning to growth in April.

Energy, transport, health, hotel and restaurant prices drove the annual rise while prices were 0.2% higher month on month – the eighth month of increases in a row.

Today’s CSO figures show that prices for housing, water, electricity, gas and other fuels rose by 4.9% due to an increase in the cost of home heating oil, electricity, gas, higher rents and mortgage interest repayments in June.

Transport costs increased by 3.1% due to more expensive diesel and petrol prices and higher prices for cars.

The CSO said these increases were partially offset by a reduction in air fares.

Meanwhile, prices in restaurants and hotels rose by 1.7% mainly due to higher prices for alcoholic drinks and food consumed in licensed premises, restaurants and cafes, with these rises partially offset by lower prices for hotel accommodation.

June also saw lower food and non-alcoholic beverages prices with falls across a range of products such as meat, while clothing and footwear prices also saw a small decrease.

Article Source – Higher utility bills and transport costs drive inflation higher – CSO – RTE

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