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Ireland Inflation Highest Since November 2000

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Ireland’s consumer price inflation rose to the highest since November 2000 as transport and utility costs surged amid soaring energy prices, the Central Statistics Office said on Thursday.

Consumer price inflation rose to 6.7 percent in March from 5.6 percent in February. This was the strongest since November 2000, when inflation was 7.0 percent.

Among the divisions, transport prices grew the most, by 18.7 percent and prices for housing, water, electricity, gas and other fuels rose 17.4 percent.

Price for alcoholic beverages and tobacco, and prices for restaurants and hotels grew by 7.0 percent and 3.6 percent, respectively.

The cost of diesel jumped 46 percent, that of petrol surged 35.2 percent and airfares shot up 69.2 percent.

Electricity prices increased 22.4 percent, gas prices climbed 27.9 percent, liquid fuels for home heating was expensive by 126.6 percent. Prices of solid fuels rose 20.5 percent.

Miscellaneous goods & services, clothing & footwear and education were the only divisions to show a decrease annually in March.

On a month-on-month basis, consumer prices rose 1.9 percent in March, following a 0.9 percent increase in the prior month.

The latest monthly increase was the largest since the monthly CPI series started in 1997, the CSO said.

EU harmonized inflation rose to 6.9 percent in March from 5.7 percent in February.

On a monthly, the harmonized index of consumer prices gained 2.1 percent in March, following 0.9 percent rise in the previous month.

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