Irish inflation slows to 8.2% as petrol and diesel costs fall

In December, the Consumer Price Index decreased to 8.2% from 8.9% in November, according to the Central Statistics Office.

This is the fifteenth consecutive month that the Consumer Price Index has increased by at least 5% annually, resulting in the greatest cost-of-living squeeze in decades.

The average annual rate for 2022 was 7.8%, which was the highest rate since 1984.

The first decrease in inflation since January of last year occurred in December. The price drop for petrol and diesel was the main contributing factor. Oil for home heating also decreased last month.

However, the cost of food kept going up. On an annual basis, it is up 12%, with milk and chicken both increasing by nearly 17%.

The price of gas and electricity, which both increased significantly over the previous year, remained largely unchanged.

Today’s CSO figures show that food inflation shows no sign of slowing.

On an annual basis, the price of bread has increased by just over 16%. A large sliced pan of white bread now costs €1.66, or 26 cents more than it did a year ago based on national average prices. Butter prices have increased 23% annually, with a pound of butter costing, on average, €3.84 (up 71 cents).

A kilo of cheese now costs, on average, €10.49, an increase of €1.51. Cheese prices have risen by just over 16%.

In December, utilities barely changed. Natural gas has increased by 92% while electricity has increased by 63% annually. When compared to November, the price of home heating oil dropped by just over 14% last month, but it has increased 40% annually.

Following several months of increases from the European Central Bank, mortgage interest has also increased significantly. It increased 1.3% in the month and is currently up 22% annually.

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