Annual inflation rises to 2.9%

Consumer prices rose by 2.9 per cent in the year to November, new data from the Central Statistics Office showed showed today.

The most significant price changes over the year were seen in housing and energy prices, which were 10.6 per cent higher over the year. The cost of education was also up, rising almost 9 per cent, while transport costs were 3.7 per cent higher.

These rises were partly offset by a fall in furnishings and household equipment, which saw costs fall by 1.9 per cent. Restaurants and hotels were 0.9 per cent lower as accommodation costs fell.

In the year to November, the rate of inflation for services was 4.2 per cent.

On a monthly basis, consumer prices were unchanged from October.

Education prices were 2.1 per cent higher over the month, while clothing cost 1.5 per cent more. The cost of alcohol, restaurants and hotels were lower, however, with off licences and supermarkets charging lower prices for wine and spirits.

The EU Harmonised Index of Consumer Prices, which excludes certain items such as mortgage interest, was also unchanged in the month, but prices were 1.7 per cent higher compared to a year earlier.