The annual rate of inflation rose to 5.6% in February, according to the latest figures from the Central Statistics Office.
This is the highest annual rate in almost 21 years.
Today’s CSO figures show that the main contributor to inflation remains fuel and energy.
Unfortunately, inflation is almost certain to climb higher because February’s figures are based on prices gathered up to the middle of last month.
The dramatic escalation in energy prices since the Russian invasion of Ukraine will not be captured until next month’s figures.
Even so, diesel prices on an annual basis in February were up 32.5%, while petrol was up over 30%.
Home heating oil was up 53.7% on an annual basis, the CSO said, while electricity was up just over 22% and gas rose by almost 28%.
Food inflation also continued to edge upwards last month. It now stands at 2.9% on an annual basis with notable increases in the price of bread, milk and edible oils.
Today’s February’s inflation figures were accompanied by National Average Price tables for a selection of goods and services in January.
They show that the average cost of diesel was €1.60 a litre which, was up 38.9 cent or 32% compared to January 2021 while petrol was €1.70 a litre, up 38.8 cent or 29.5%.
A large sliced white pan was up just over 12 cent while a large brown sliced pan was up just over 17 cent.
Spaghetti was up 9.9 cent per 500g but the average price for 2.5kg of potatoes was down 22.9 cent.
The average price of a take home 50cl can of lager was €2.17, up 29.7 cent compared to January last year.
The average price a pint of stout in a licensed premises was €4.95 while for lager it was €5.33.
No comparisons with January 2021 were possible as pubs were closed then due to Covid 19 restrictions.