Inflation rate reaches highest level in over 20 years

One of the drivers behind the rise was an increase in energy prices.

The annual inflation rate in Ireland increased to 5.3% in November, the largest annual change in prices since June 2001, according to the Central Statistics Office (CSO). New CSO stats also show that consumer prices rose by 0.6% in the month, making November the thirteenth month in a row that has shown monthly inflation. The most notable changes over the previous 12 months were increases in transport (up 16.2%), housing, water, electricity, gas and other fuels (up 12.0%), restaurants and hotels (up 3.9%) and alcoholic beverages and tobacco (up 3.4%). There was, however, a decrease in miscellaneous goods and services, where inflation fell by 0.3%. According to the CSO, transport increased primarily due to higher prices for diesel, petrol and motor cars and a rise in airfares. Under the category, the statistical agency lists the cost of petrol rising by 26% and diesel rising by 29.2%. In the area of housing, water, electricity, gas and other fuels, inflation rose mainly due to higher rents and mortgage interest repayments and an increase in the cost of electricity, home heating oil and gas. Within this category, electricity and gas prices are listed as rising by 20.9% and 26.2% respectively. You can check out the full statistics on the Central Statistics Office's website here.