Ireland’s consumer price inflation rose to 5.5 percent year-on-year in December of 2021 from 5.3 percent in the previous month, the highest reading since April of 2001, the Central Statistics Office said (CSO).
However, the rate of consumer inflation moderated somewhat in December from previous months, according to the latest Consumer Price Index.
It means that Irish consumer price inflation averaged out at +2.4% for the whole of 2021, when it is compared with the year of 2020,a -0.3% decline in prices.
Prices bounced just 0.5% in December from November — marking the 14th consecutive month of inflation — but down from a pace of 0.6% in November and 0.7% in October.
The most vital monthly price changes were increases in the transport (+2.9%) and furnishings and household equipment (+1.4%) categories with households getting ready for Christmas.
According to the figures, the large monthly increase in transport prices is mostly related to higher prices for airfares, which jumped 42.5% in the month and 66% in the year from last year when travel was largely constrained due to Covid restrictions.
Higher transport-related prices, due mostly to rising petrol and diesel prices, also made the largest contribution to annual inflation in the year from December 20202, the CSO said.
Furniture and furnishing prices, in particular, jumped 4.4% in the month from November while household appliance prices increased nearly 2%.
Petrol and diesel prices have increased overall by almost 32% and 36% respectively throughout out the year.
After transport, higher gas, electricity and home heating bills (11.8%) made the second-largest contribution to inflation over the course of the year.
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