Inflation in Ireland rose to 1.4% in the 12 months to December 2024 according to the latest figures from the Central Statistics Office (CSO), RTÉ reported today.
The latest Consumer Price Index (CPI) – published today – showed an annual increase of 1.0% compared to the 12 months to November 2024.
December’s figure is double the level of inflation recorded in September and October 2024.
However, the rise in the cost of living is still relatively low compared to its peak 2022 levels, when the annual figure reached 7.8%.
This recent change was largely driven by higher transport costs, as petrol, airfares and taxi fares rose by 2.4%, 4.3% and 8.7% respectively.
Hospitality prices also increased y 3.7%, thanks to the increased cost of materials, alcohol and staff wages.
‘Higher Prices’
Statistician in the Prices Division of the CSO Anthony Dawson commented on the results, saying, “Today’s release of the CPI shows that prices for consumer goods and services in December 2024 rose by 1.4% on average when compared with December 2023.
“The most significant increases in the 12 months to December 2024 were seen in Restaurants & Hotels (+3.7%) and Recreation & Culture (+3.3%).
“The annual change in Restaurants & Hotels costs reflects higher prices for food and alcoholic drinks consumed in licensed premises, restaurants and cafés.”
In terms of National Average Prices for selected goods, Dawson said, “There were price increases in December 2024 for a pound of butter (+60c), two litres of full fat milk (+18c), a 2.5kg bag of potatoes (+16c), Irish cheddar per kilogram (+14c) and spaghetti per 500g (+3c).
“There were decreases in the price of an 800g loaf of white sliced pan (-1c) and an 800g loaf of brown sliced pan (-1c) when compared with December.”
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