Rising energy prices push inflation to 20-year high

The annual rate of inflation rose to 5.3% in November, its highest level since June 2001.

The latest figures from the Central Statistics Office show the biggest increases were in the cost of transport, electricity and gas bills.

This period of intense inflation is not over yet, even if the pace of increase has slowed somewhat.

The annual rate of inflation rose from 5.1% in October to 5.3% in November, its highest rate in 20 years.

Energy prices remain the chief culprit for the inflation hike. Electricity, gas and other fuels are up 29% on an annual basis.

Higher rents, running at just over 8% a year, have had an impact too.

Petrol and diesel are up 27.5%, while transport costs, boosted by a big jump in airfares, are up 28%.

While the cost of eating out is up 2%, and hotels are up 22%, food price inflation remains relatively subdued at just under 1%.

The CSO said that consumer prices in November increased by 0.6% on a monthly basis to mark the 13th month of increases in a row.

Article Source – Rising energy prices push inflation to 20-year high – RTE – Robert Shortt

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