The latest Consumer Price Index published by the Central Statistics Office (CSO) shows that prices rose by 9.1% in the year to July 2022, which is the largest annual increase in the CPI since Quarter 2 1984 when annual inflation was 9.7%.
Housing, Water, Electricity, Gas & Other Fuels (+21.6%) and Transport (+19.4%) increased the most. Miscellaneous Goods & Services (-1.0%) and Education (-0.7%) were the only divisions to show a decrease.
Meanwhile, the monthly report on consumer prices shows an increase of 0.4% between June 2022 and July 2022. Transport (+1.8%) and Food & Non-Alcoholic Beverages (+1.5%) were the divisions with the largest increases. Clothing & Footwear (-5.0%) showed the only consumer price decrease.
Commenting on monthly changes shown in the CSO release, Anthony Dawson, Statistician, said: “Consumer prices in July increased by 0.4% in the month. The divisions with the largest monthly increases were Transport (+1.8%), Food & Non-Alcoholic Beverages (+1.5%) and Restaurants & Hotels (+1.2%). The rise in Transport was due to an increase in air fares (+26.9%) and the purchase of vehicles (+0.7%) compared with June 2022. However, this increase was partially offset by the price of Petrol and Diesel which both fell in the month to July by 3.0% and 1.1% respectively.