(Alliance News) - Inflation in Ireland reached its highest in 21 years in February, new data showed on Thursday.
Consumer prices were up by 5.6% year-on-year in February, surpassing the 5.0% yearly increase reported the month before.
"The annual increase in the CPI to February 2022 is the largest observed since annual inflation also stood at 5.6% in April 2001," said Colin Cotter, statistician at the Central Statistics Office.
Among price categories, Transport was up 15% year-on-year reflecting a rise in fuel costs, with Diesel up 33% and Petrol up 30% for the year.
Housing, Water, Electricity, Gas & Other Fuels was up 13%, also reflecting a rise in energy costs, with Gas up 28% and Liquid Fuels (Home Heating Oil) up 54%.
Consumer prices rose by 0.9% from January. Clothing & Footwear was up the most in February, at 6.6% month-on-month, but this reflects the annual recovery from January sales prices. Transport prices were up 2.3% in the month, as prices for airfares, motor cars, diesel and petrol all increased.
"The largest monthly decrease was seen in Alcoholic Beverages & Tobacco at 1.2%, which was driven by a drop in the prices of Alcoholic Beverages sold in supermarkets and off licences as the price of Tobacco was unchanged over the month," Cotter continued.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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