Inflation rate rises to 4.8% in October

The annual rate of inflation increased to 4.8 per cent in October, up from 4

The annual rate of inflation increased to 4.8 per cent in October, up from 4.6 per cent in September, the latest data from the Central Statistics Office shows.

The EU Harmonised Index of Consumer Prices (HICP) also rose by 0.1 per cent in the month, compared to no change in corresponding month last year.

The annual rate of inflation, as measured by the HICP, increased from 2.9 per cent in September to 3 per cent in October.

The rise in inflation was due in the main to rising food prices with bread, flour, milk, cheese, dairy and bakery products all recording increases.

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Inflation was also pushed up by a rise in the cost of education due to higher costs for third-level tuition and third-level maintenance. But this was partially offset by a 0.6 per cent fall in transport costs with lower prices for petrol and airfares.

The costs for clothing, footwear and furnishings also fell 0.6 per cent due to mid-season sales. The Consumer Price Index, excluding tobacco, for October was up 0.1 per cent in the month and up 4.5 per cent in the year.

Excluding energy products, the CPI was up 0.2 per cent since September and increased by 4.7 per cent in the year.

The CPI excluding mortgage interest increased by 0.1 per cent in the month and rose by 2.8 per cent in the year.