Cost of living up by largest amount in 38 years: CSO

Inflation rose by 7.8% in the twelve months to May, the largest increase in 38 years.

Figures from the Central Statistics Office (CSO) showed that prices for consumer goods and services in May 2022 increased by 7.8% on average compared to May 2021

Colin Cotter, Statistician in the Prices Division, said:”Prices have been rising on an annual basis since April 2021, with an annual inflation of 5.0% or more recorded each month since October 2021.”

The annual increase in the CPI to May 2022 is the largest observed in almost 38 years, when annual inflation stood at 7.9% in Quarter 3 1984.

The CSO reported that electricity costs were up 40.9%, gas by 57.1%, liquid fuels/home heating oil by a whopping 102.5% and solid fuels by 25.9%.

in relation to the national average price of staple items, the CSO reported that the average price for bread (large (800g) white sliced pan) was up 12.4 cent, while the same size brown sliced pan was up 17.4 cent in the year.

Spaghetti per 500g increased by 19.3 cent in the year while the average price for 2.5kg of potatoes decreased by 28.5 cen

The national average price of a take-home 50cl can of lager at €2.16 was up 27.9 cent on average while a take-home 50cl can of cider at €2.36 was up 14.1 cent.

In April 2022, the national average price of a pint of stout in licensed premises was €5.12 while a pint of lager was €5.50.

The National Average Prices are compiled together with the CPI. The comprehensive list of items included in the National Average Prices and their monthly prices are available at: https://data.cso.ie/table/CPM12