Inflation still at 9.1% in July, the highest rate in 38 years

Inflation remains at its highest level in 38 years, with prices rising by 9.1% in the year to July 2022, according to the CSO report.

The Consumer Price Index (CPI) rose by 9.1% in the year to July 2022, which is the same increase as June 2022

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

The divisions with the largest increases in the year to July 2022 were Housing, Water, Electricity, Gas & Other Fuels (+21.6%) and Transport (+19.4%)

Miscellaneous Goods & Services (-1.0%) and Education (-0.7%) were the only divisions to show a decrease when compared with July 2021

Consumer prices rose by 0.4% between June 2022 and July 2022

The divisions with the largest increases in the month were Transport (+1.8%) and Food & Non-Alcoholic Beverages (+1.5%) while the only decrease in the month was in Clothing & Footwear (-5.0%)

Commenting on annual changes shown in the release, Anthony Dawson, Statistician in the Prices Division, said: “The latest publication for the Consumer Price Index (CPI) shows that prices for consumer goods and services in July 2022 increased by 9.1% on average compared with July 2021. This is the same level of annual inflation that was recorded in June 2022, which was the largest observed in 38 years, when annual inflation stood at 9.7% in Q2 1984. Prices have been rising on an annual basis since April 2021, with an annual inflation of 5.0% or more recorded each month since October 2021.”

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