Inflation eases but energy costs and mortgages continue to rise - latest CSO figures

The annual rate of inflation eased to 7.7% in March, down from 8.5% in February, according to the latest figures from the Central Statistics Office (CSO) today.

Consumer prices have been rising on an annual basis since April 2021, with annual inflation of 5% or more recorded in each month since October 2021.

This is the eighteenth straight month where the annual increase in the CPI has been at least 5.0%. 

Mortgage interest payments were up 35.3pc compared to March last year.

Gas prices rose 85.9pc in the year, despite wholesale prices falling, while electricity prices rose 62.7pc.

Food and non-alcoholic beverage prices rose 13.1pc, with sugar up 36.8pc, frozen fish rising 26.9pc, fresh whole milk surging by 24.3pc, butter prices up 21pc and eggs up 20pc.

The divisions with the largest increases in the 12 months to March 2023 were housing, water, electricity, gas & other fuels (+20.8%) and food & non-alcoholic beverages (+13.1%).

Education (-6.3%) was the only division to show a decrease when compared with March 2022.  

Consumer prices rose by 1.1% in the month between February 2023 and March 2023. 

The divisions with the largest increases in the month were transport (+2.0%) and restaurants & hotels (+1.9%).

The only divisions to show a fall in the month were alcoholic beverages & tobacco (-0.2%) and communications (-0.2%).