Annual inflation moves up to 1.1% in June

New figures from the Central Statistics Office show that the annual inflation rate inched up to 1.1% in June from 1% the previous month on the back of higher rents, more expensive utility bills and higher air fares.

June marks the fourth month in a row that inflation was 1% or higher.

Before this consumer prices had been broadly flat for several years despite the fact that the country’s economy has been the fastest growing in Europe.

Today’s CSO figures show that prices for housing, water, electricity, gas and other fuels rose by 4% due to higher rents and mortgage repayments as well as bigger electricity and gas bills.

Prices for alcoholic drinks and tobacco rose by 3.3% while prices in restaurants and hotels increased by 3.1% due to higher prices for people eating and drinking out.

Education costs rose by 1.7% while transport costs were also higher on the back of an increase in air fares and higher prices for cars.

Meanwhile, the cost of communications fell by 6.6%, while clothing and footwear prices reduced by 1% due to sales.

June also saw lower car insurance premiums and cheaper prices for appliances, articles and products for personal care, the CSO added.

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