Inflation slows to 5.1% but costs up across the board

Muireann Duffy

The annual rate of inflation increased by 5.1 per cent in the year to October, the latest Consumer Price Index (I) update showed.

The I is used to measure inflation, comparing the difference in prices of a number of goods and services from one period to the next.

Figures from the Central Statistics Office (CSO) revealed October's annual rate was down slightly on September's figure of 6.4 per cent.

Despite the fall, last month's figures showed a continuing trend of annual I growth of over 5 per cent, as it has been since October 2021.

Excluding energy and unprocessed food, the annual I was up 6.3 per cent in October.

On a monthly basis, inflation rose by 0.3 per cent between September and October, with the biggest changes noted in the Education and Transport sectors, where prices jumped 2 per cent and 1.1 per cent respectively.

Annually, costs were up across all divisions compared to October 2022, with Recreation & Culture showing the largest increase as prices jumped 9.7 per cent.

The Restaurants & Hotels sector noted a 7.7 per cent increase in costs, followed by Housing, Water, Electricity, Gas & Other (up 7.2 per cent), and Food & Non-Alcoholic Beverages (up 7 per cent).