Inflation hits 9.1% in the year to June 2022, the largest increase in 38 years

The Consumer Price Index (CPI) rose by 9.1% in the year to June 2022, up from an annual increase of 7.8% in the year to May 2022, the latest figures from the Central Statistics Office show.

This is the largest annual increase in the CPI since Quarter 2 1984 when annual inflation was 9.7%.

The divisions with the largest increases in the year to June 2022 were Housing, Water, Electricity, Gas & Other Fuels (+22.5%) and Transport (+20.4%)

The most significant increases in the year to June 2022 were seen in Housing, Water, Electricity, Gas & Other Fuels which was up 22.5%, and Transport, up 20.4%.

 Increased energy costs are reflected in the yearly increase in Housing, Water, Electricity, Gas & Other Fuels driven by rises in electricity (+40.9%), gas (+57.2%), liquid fuels/home heating oil (+115.4%), and solid fuels (+26.2%) in the year. 

The annual change in Transport costs reflects a rise in the cost of diesel (+50.7%), petrol (+43.8%), purchase of motor cars (+13.0%) and airfares (+38.4%) compared to June 2021.

Miscellaneous Goods & Services (-1.3%) and Education (-0.8%) were the only divisions to show a decrease when compared with June 2021.

While the CSO report shows monthly changes, Consumer prices in June increased by 1.3% in the month. The divisions with the largest monthly increases were Transport (+5.1%), Food & Non-Alcoholic Beverages (+2.3%), Housing, Water, Electricity, Gas & Other Fuels (+1.3%), and Restaurants & Hotels (+1.3%).

The rise in Transport was due to an increase in the cost of diesel (+8.5%), petrol (+15.5%), and airfares (+14.2%) compared to May 2022.

The largest monthly decrease was seen in Communications (-1.4%) due to lower prices for telephone and telefax equipment and telephone and telefax services.

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