Inflation in October reached its highest level since 1984

Inflation rose in Ireland in October as higher energy bills began to land, new figures from the Central Statistics Office (CSO) confirm.

The Consumer Price Index (CPI) rose 9.2 percent between October 2021 and October 2022, after an 8.2 percent annual increase in the 12 months ended September 2022.

October was the thirteenth consecutive month that the CPI’s annual increase was at least 5 percent.

Commenting on the trend, Anthony Dawson, statistician in the CSO pricing department, said: “This is the highest rate of inflation since June 1984, when inflation was 9.7 percent, and follows an 8.2 percent increase for the year to September 2022. Prices have continued to rise on an annual basis since April 2021, with annual inflation of 5 percent or more recorded in every month since October 2021.

Consumer prices rose 1.6 percent month-on-month in October, including higher food costs. Compared to October 2021, there were price increases for an 800g loaf of white curd (+26c), 2 liters of whole milk (+43c) and a pound of butter (+60c).