The inflation rate in the country rose modestly by 0.7 per cent in the 12 months to October 2024, according to the latest data from the Central Statistics Office (CSO).
Energy prices saw a marked decline over the past year, providing some relief for consumers. Electricity prices fell by 16 per cent, while gas and petrol prices dropped by 18 per cent and 8 per cent, respectively. Diesel prices also decreased significantly, down by 12 per cent from the previous year. These reductions in energy costs helped to offset the overall inflation rate.
On the other hand, consumers faced increased costs in certain areas, particularly in the hospitality and tobacco sectors. Prices in restaurants and hotels rose by 3.7 per cent, while the price of cigarettes spiked by 10 per cent. These price increases contributed to the upward pressure on the inflation rate despite the reductions in energy expenses.
The CSO’s inflation figures are based on a comprehensive measure that includes the cost of mortgage interest, which may account for the slightly higher inflation rate compared to other measures.
The 0.7 per cent inflation rate contrasts with the EU’s flash estimate, which excludes mortgage interest in its calculation. According to the EU’s measure, inflation was much lower, coming in at 0.1 per cent for the 12 months to October.