Ireland’s inflation rate has begun to climb again, according to the latest figures from the Central Statistics Office (CSO). The consumer price index reveals a 1.4 per cent increase in the cost of living over the 12 months to December 2024.
This marks a sharp rise from the 0.7 per cent inflation recorded in September and October last year.
Despite the uptick, the current rate remains modest compared to the inflationary surge of 2022 when annual inflation hit 7.8 per cent.
Transport costs were a significant driver of the latest rise in inflation. Petrol prices climbed by 2.4 per cent, airfares increased by 4.3 per cent, and taxi fares jumped by 8.7 per cent.
The cost of leisure and travel also contributed to the inflationary pressure. Package holiday prices surged by 7.2 per cent, while expenses for admittance to and participation in sports activities rose by 6 per cent.
Meanwhile, prices in restaurants and hotels grew by 3.7 per cent, reflecting higher costs in the hospitality sector.
Not all areas saw price increases, however. Clothing and footwear experienced an 8 per cent decline, offering some relief to shoppers. Furnishing and household equipment prices also dropped, albeit by a smaller margin of 1.3 per cent.