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28 May 2022

True extent of soaring inflation revealed in latest CSO figures

True extent of soaring inflation revealed in latest CSO figures

The soaring rate of inflation has now reached its highest level since 2000, latest figures show.

The price of goods has increased by an average 6.7% when compared to the same period last year. according to latest figures released by the CSO. 

There has been a staggering jump in transport costs with housing, water, electricity, gas and other fuels up by 17.4%.

Staples such as bread have also seen a dramatic increase in price as the cost of living crisis continues. 

Commenting on the annual changes, Colin Cotter, Statistician, said: “The latest publication for the Consumer Price Index (CPI) shows that prices for consumer goods and services in March 2022 increased by 6.7% on average compared to March 2021. This follows an increase of 5.6% in the year to February 2022. Prices have been rising on an annual basis since April 2021, with annual inflation of 5% or more each month since October. The annual increase in the CPI to March 2022 is the largest observed since annual inflation stood at 7.0% in November 2000".

The most significant increases in the year were seen in transport which was up 18.7%, with housing, water, electricity, gas & other fuels up 17.4% and alcoholic beverages & tobacco which rose by 7.0%.

The annual change in Transport costs reflects a rise in the cost of diesel (+46.0%), petrol (+35.2%) and airfares (+69.2%) compared to March 2021.

Increased energy costs are reflected in the yearly increase of housing, water, electricity, gas & other fuels with electricity up 22.4%, gas up 27.9%, liquid fuels (home heating oil) up 126.6% and solid fuels up 20.5% in the year.

Miscellaneous Goods & Services (-1.0%), Clothing & Footwear (-0.8%) and Education (-0.8%) were the only divisions to show a decrease when compared with March 2021.”

Consumer prices in March increased by 1.9% in the month. The divisions with the largest monthly increases were housing, water, electricity, gas & other fuels and transport, both up 5.0%.

Housing, water, electricity, gas & other fuels rose due to an increase in the cost of home heating oil (+58.5%), solid fuels (+11.6%) and higher rents (+0.8%), while Transport prices increased due to higher prices for diesel (+17.3%), petrol (+10.2%) and airfares (+18.2%) compared to February 2022.

The largest monthly decrease was seen in clothing & footwear (-0.9%) which was due to clothing sales.

National Average Prices for selected CPI goods and services for February 2022 were also made available today by the CSO and show that diesel at €1.66 per litre and petrol at €1.75 per litre were up by 40.7 cent per litre (+32.5%) and 40.8 cent per litre (+30.3%) respectively between February 2021 and February 2022.

The national average price for bread (large (800g) white sliced pan) was up 13.6 cent in the year to February 2022, while the same size brown sliced pan is up 20.6 cent in the year. Fresh fillet of cod per kg increased by 23.3 cent in the year while the average price for 2.5kg of potatoes decreased by 18.2 cent.

The national average price of a take-home 50cl can of lager at €2.18 was up 26.8 cent on average from February 2021 while a take home 50cl can of cider at €2.36 was up 13.5 cent.

In February 2022, the national average price of a pint of stout in licensed premises was €4.95 while a pint of lager was €5.33. As pubs were closed for the CPI collection period in February 2021, annual comparisons for the price of a pint are unavailable.”

The National Average Prices are compiled together with the CPI. The comprehensive list of items included in the National Average Prices and their monthly prices are available at: https://data.cso.ie/table/CPM12

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