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IRISH CONSUMER PRICES were on average 6.7% higher in March than they were a year previous with sharply increasing fuel and energy prices mostly to blame, according to the Central Statistics Office.
It represents the largest annual change in prices since November 2000.
The Consumer Price Index (CPI) reveals notable monthly increases in the price of home heating, petrol and diesel last month as well as flour in the wake of the Russian invasion of Ukraine in late February.
Annual inflation accelerated from 5.9% in February to 6.7% last month, well above the European Central Bank’s (ECB’s) target of 2% across the Eurozone.
Overall transport prices — a category that includes petrol, diesel prices as well as airfares — climbed 18.7% in the year, according to the CSO.
Diesel prices increased 46% in the 12 months to March and over 17% in the month from February as global crude oil prices spiked following the invasion.
Petrol prices alone increased by 35.2% in the year and over 10% in March alone.
Housing, water, gas and electricity prices climbed 17.4% in the year.
Electricity prices have soared 22.4% in just 12 months while natural gas prices rose 29% and home heating oil has jumped by 126.6%.
Food prices have also started to creep up with global markets pricing in the potential loss of Ukrainian and Russian grain later this year. Natural gas, of which Russia is a major global exporter, is also a key component in the manufacture of fertiliser, which is accelerating input costs for Irish farmers.
Altogether, food prices were up 3.1% in the year. The price of flour and other cereals, up 10% over 12 months, climbed 5.1% in the month of March from February.
The Government is currently preparing a second package of measures to help with the cost of living.
It’s expected to receive Cabinet approval next week but Government sources have said there is a need to “manage expectations” ahead of the announcement, given measures will not go far enough to cover all the rising costs households are experiencing.
The Central Bank of Ireland said yesterday it expects inflation to peak at 8% in the coming months and average out around 6.5% for the full year — well above previous expectations.
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Same in the USA where inflation has gone through the roof.Bring back President Trump in 2 years time . He’ll fix our rising costs
@Maurice O Neill: And how will he do that?
@Maurice O Neill: Ha Ha Ha Ha you do continue to make me laugh :) @Soooo Sad
@Maurice O Neill: Ah, I see yer man with the leaky bucket strikes again! I wouldn’t pay attention to a single word that yoke has to say. He has to be the most horrible, obnoxious, condescending j€rk I have ever come across on this site. I’ve proven him and his pedantic, know it all self wrong before and acted like a total baby lol Absolute plonker!
@Stuart Birney: This comment was meant for the comment below.
@Stuart Birney: Scarlet for you.
I don’t recall being ‘proven wrong’ by you previously, and given the fact that you appear to have difficulty even replying to the correct comment, I suspect there may be a touch of Walter Mitty about you.
@Lee King Buckett: Case in point!
Inflation dropped dramatically under President Trump to just over 1 percent . It’s now at nearly 8 percent
@Maurice O Neill: You don’t know very much about economics really.
Maybe crayons and a colouring book would be a nice way for you to spend a few hours.
@Maurice O Neill: li@r !! just like your soon to be in prison lying criminal crush :)
@Maurice O Neill: @Maurice O Neill: Ah, I see yer man with the leaky bucket strikes again! I wouldn’t pay attention to a single word that yoke has to say. He has to be the most horrible, obnoxious, condescending j€rk I have ever come across on this site. I’ve proven him and his pedantic, know it all self wrong before and acted like a total baby lol Absolute w@nker!
I would say for the normal Joe day to day inflation is running at a lot higher rate than that. Food fuel consumer goods etc all up by at least an average of 20% on last year diesel on its own must be up at least 40%
Pay for lockdown sheep.
@John Moloney: may I suggest you get a life.
@John Moloney: What’s a ‘lockdown sheep’ and how much do they cost?
@John Moloney: p@thetic little child comment
@sean o’dhubhghaill: “What’s a ‘lockdown sheep’ and how much do they cost?”
Forget it, they’ve doubled in price since Friday.
John has a point though. Rampant inflation is partly due to our handling of the pandemic. We’ve printed trillions and disrupted supply chains globally. You could blame Russia but prices have been going up long before Putin invaded Ukraine.
@Will: don’t give too many facts, you will overload the sheep.
Breakfast: cold beans. Lunch: leftover cold beans. Dinner: Splash out and have hot beans on toast
Diesel bill gone from €200 a month (pre pandemic) to over €300 a month now. Grocery bill up at least 20%. The price of building materials would give you palpitations.
6.7%? I just don’t buy it (can’t afford it).
If only central banks would slow down the printers.
have your say