Inflation ticks up 0.7% in year to March - CSO

Consumer prices were 0.7 per cent higher in March than in the same month of 2019, according to figures released by the Central Statistics Office (CSO).

That compares to a 1.1 per cent rise in the 12 months to February 2020.

Inflation over the course of the 12-month period was driven by a 4.1 per cent increase in the costs associated with education while tobacco and alcoholic beverage prices rose 2.7 per cent.

Meanwhile, there was an 8.6 per cent fall in the price of goods in the communications category and a 2.4 per cent fall in prices in the furnishings and household equipment category.

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Compared to February, prices have risen by 0.4 per cent which was largely attributed to a rise in transport costs and restaurant and hotels costs. Transport costs were up due to an increase in air fares while restaurant and hotel costs increased due to higher prices for hotel accommodation.

The CSO measures prices for the consumer price index by means of direct pricing in retail outlets and surveys by office based staff. As a result of restrictions introduced due to the Covid-19 pandemic, the CSO said the collection period for data in March was shorter than anticipated.

It added that price collection data for April “will be considerably more difficult than in March” due to the restrictions.

Prices on average, as measured by the EU Harmonised Index of Consumer Prices (HICP) increased by 0.5 per cent compared with March 2019. The HICP increased by 0.4 per cent in the month.