Inflation in Ireland has increased to the highest level in 38 years, according to the Consumer Price Index May 2022 by Central
Statistics Office (CSO).
New figures from CSO show that inflation hit by 7.8% in the year to May 2022,up from an annual increase of 7.0% in the year to April 2022.
This is the largest annual increase in the consumer price index since 1984 when annual inflation was 7.9%.
The increase was largely driven by spikes in fuel prices.
The most significant increases in the year to May 2022 were seen in Housing, Water, Electricity, Gas & Other Fuels which was up 20.9%, and Transport, up 16.5%.
Increased energy costs are reflected in the yearly increase of Housing, Water, Electricity, Gas & Other Fuels driven by rises in electricity (+40.9%), gas (+57.1%), liquid fuels/home heating oil (+102.5%), and solid fuels (+25.9%) in the year.
The cost-of-living crisis facing households across the country has dominated politics in Ireland in recent months, amid concerns about the impact on the poorest.
Colin Cotter, a CSO statistician, said: “Prices have been rising on an annual basis since April 2021, with an annual inflation of 5.0 percent or more recorded each month since October 2021.”
According to CSO data, The cost of diesel also increased by 42 percent and petrol by 26 percent, purchase of motor cars increased by 13.2% and airfares increased by 45.4% compared to May 2021.