Inflation rate ticks up again for the third straight month
Prices in restaurants and hotels rose by 3.9% in the year to the end of January — the joint-highest increase along with transport costs.
The annual rate of inflation ticked up during January to 1.9%, with the largest increases being seen in transport costs, as well as prices in hotels and restaurants, new data from the Central Statistics Office (CSO) shows.
If price-volatile categories such as energy and unprocessed food were excluded, prices rose 2.5% in the year to the end of January. During December, the inflation rate stood at 1.4%.
Consumer prices rose by 1.9% over the 12 months to January 2025https://t.co/a7mjsrZzE2#CSOIreland #Ireland #CPI #ConsumerPrices #Inflation #Deflation #Prices #BusinessStatistics #Business #BusinessNews #IrishBusiness pic.twitter.com/GeirCLdNJk
— Central Statistics Office Ireland (@CSOIreland) February 20, 2025
This is the third month in a row where prices rose — albeit in small increments — since the inflation rate hit 0.7% in September and October.
According to the Consumer Price Index, in the 12 months to the end of January, transport costs increased by 3.9% while prices at restaurants and hotels also increased by 3.9%.
Statistician with the CSO Anthony Dawson said the annual change in restaurants and hotels costs “reflects higher prices for alcoholic drinks and food consumed in licensed premises”.
The increase in transport costs rose due to higher prices for airfares, petrol, diesel and the maintenance and repair of personal transport equipment. This increase was partially offset by a reduction in the cost of motor cars.
Alcohol and tobacco prices also increased by 3.8%, while prices related to health spending increased by 2.7%.
Food and non-alcoholic drink prices rose by 2.4% over the year.
Only two divisions of the CPI recorded a decline in prices over the year. Clothing and footwear prices fell by 6.5%, while home furnishings and home maintenance dropped by 0.8%.
The CSO also published the national average prices for selected goods and services for January. Over the last year, the price of a pound of butter increased by 55c, a kilo of cheddar cheese increased by 35c, and a two litre carton of milk increased by 18c.
There were small decreases recorded in some areas, such as the price of an 800g loaf of brown sliced pan, down 2c, and an 800g loaf of white sliced pan, down 1c.
