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Irish inflation back on the rise

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Friday, May 13, 2005

Ireland's heavy reliance on imported oil is starting to cause a rise in inflation

According to new figures from the Central Statistics Office (CSO), the annual rate of inflation in Ireland has begun to rise again after a period of decline. Annualised inflation is now running at 2.2%, up from 2.1% in March.

The figures are derived from the Consumer Price Index which is monitored by the CSO. Despite the increase, inflation remains significantly below the figure for recent years. Annualised inflation peaked at 5.1% in February 2003.

The major contributor to the rise was the cost of heating and housing with the Housing, Water, Electricity, Gas and Other Fuels group rising 10.6% in the past 12 months - with 2% of that rise in the last month alone.

The cost of clothing and footwear has dropped almost 3% in the past year

When broken down more the section marked Energy Products showed a massive 5.3% rise in the past month alone.

This sharp rise in energy costs was offset somewhat by decreases (over the past 12 months) in the following groups:

  • Food and Non-Alcoholic Beverages (-0.5%)
  • Clothing and Footwear (-2.8%)
  • Furnishings, Household Equipment and Routine Household Maintenance (-1.4%)
  • Communications (-0.2%)
  • Miscellaneous Goods & Services (-1.3%).

According to the CSO the Consumer Price Index is made up of over 55,000 prices consisting of 613 headings which cover over 1,000 different items.

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Wikinews
Wikinews
 This article features first-hand journalism by Wikinews members. See the collaboration page for more details.

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This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.
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