How quickly are prices rising?
Prices in Ireland went up by 1.9 per cent in the 12 months to January 2025, according to the Central Statistics Office (CSO).
The figures show that inflation, the rate at which prices are rising, has ticked up slightly since December when the annual rate was at 1.4 per cent.
The CSO monitors price changes over the previous 12 months to calculate inflation.
Inflation soared in 2022 to reach 9.2 per cent, mainly due to greater demand for oil and gas after the Covid pandemic. Energy prices surged again when Russia invaded Ukraine.
It then remained well above the European Central Bank’s 2 per cent target partly because of high food prices.
Some parts of the economy are still experiencing substantial price jumps.
The most significant increases in the year to January were in restaurants and hotels, up 3.9 per cent, reflecting higher prices for food and drinks consumed in pubs, restaurants and cafes.
There were price increases over the 12-month period for a pound of butter (up 55 cent),…
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