Rising rents fuel 0.6% rise in consumer prices in February

Consumer prices rose 0.6 per cent in the year to February as rents continued to climb and the cost of alcohol rose.

The biggest changes over the 12-month period were seen in the housing, water and energy sector, which saw a 4 per cent hike, followed by restaurants and hotels, which saw prices increase by 3.6 per cent. Alcohol and tobacco were 2.7 per cent more expensive compared with a year earlier, while education costs were up 1.7 per cent.

This was partly offset by a fall in the cost of furnishings and household equipment, which was down 3.7 per cent. Lower health and motor insurance premiums contributed to a 1.7 per cent decrease in the miscellaneous goods and services category.

Month on month, consumer prices rose by 0.8 per cent in the month, compared with a 0.9 per cent rise in February of 2018. The end of the sales contributed to increases in clothing and footwear, which rose 6.4 per cent, while higher air fares and car prices fuelled growth in transport, which saw costs rise 1.7 per cent.

Property prices up 5.6% nationally in the year to January

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The cost of communications fell 1.1 per cent, with alcohol and tobacco down 0.6 per cent in the month.

The services index rose by 1.8 per cent in the year to February; excluding mortgage interest repayments saw that figure rise to 1.9 per cent. The goods index fell by 0.9 per cent.

The EU Harmonised Index of Consumer Prices, which excludes certain items such as mortgage interest, local property tax and car tax, rose by 0.7 per cent compared with February 2018, and 0.8 per cent compared with January’s prices.