New figures from the Central Statistics Office show that the annual rate of inflation rose to 2.9% in October, up from 2.7% in September. This marks the highest annual inflation rate since March 2024, when it also stood at 2.9%.
The data highlights significant price increases in several key sectors, with education and food showing the sharpest rises. Costs in the education sector climbed 8.4% over the past year, reflecting higher charges in third-level education.
Food and non-alcoholic beverages also saw substantial price growth, rising 4.5% year-on-year. Beef prices surged 23.5%, while lamb increased 16.7%. Milk rose by 10% and butter by 11.6%. Chocolate prices climbed 8.9%, and coffee saw a 10.6% increase.
On a monthly basis, inflation grew by 0.5%. The Harmonised Index of Consumer Prices (HICP), which removes mortgage interest costs, increased to 2.8% year-on-year from 2.7% in September, the CSO said.
The CSO also released its National Average Prices for selected goods and services for October. The figures show that the cost of Irish cheddar per kilogram rose by 80 cents, a pound of butter went up 64 cents, and 2 litres of full-fat milk increased by 22 cents. Bread prices also climbed, with an 800g loaf of white sliced pan up 7 cents and a brown sliced loaf rising 3 cents. Spaghetti, priced per 500g, rose by a cent.
Some items, however, saw price declines. A 2.5kg bag of potatoes fell by 38 cents compared with October last year, showing that not all basic food items contributed to the rise in inflation.
Economists say the growth in education and food costs is putting additional pressure on household budgets. Rising third-level fees have impacted students and families, while higher grocery prices are affecting everyday spending.
The latest data underscores concerns that inflation may remain elevated in the coming months. Analysts are keeping a close watch on energy prices, wage growth, and consumer spending trends to gauge how these factors may influence overall price stability.
New figures from the Central Statistics Office show that the annual rate of inflation rose to 2.9% in October, up from 2.7% the previous month, highlighting ongoing pressures on Irish households as education and food costs continue to rise.
