The cost of living crisis has intensified with public prices rising at a rate not seen in over a decade and property values increasing at double-digit rates.
Rubber prices rose 11 percent in the year through August, the fastest rate of increase in three years.
Public prices are rising at a rate of 3.7 percent, driven by higher energy, fuel and rental prices.
This is the largest annual price change since October 2008 when prices rose 4%.
The new figures come after the budget tried to pump more money into people’s pockets to counter the rising prices.
Consumer prices in August rose 0.5% in the month.
This is the eleventh consecutive month that prices have increased compared to the previous month.
This is the longest consecutive sequencing of monthly inflation since 2007, the Central Statistical Office said
Chief statistician Barra Casey said: “The most significant increase of the year can be seen in the transportation sector, which rose by 11.4%.
“This increase was mainly caused by the rise in diesel, gasoline and automobile prices, the increase in the price of airline tickets and the rise in the cost of services in relation to personal transportation equipment.”
There were also increases in the price of rent, alcohol and food consumed in bars, restaurants and cafes.
The increase in property values and general prices continues the accelerated price growth trend that first appeared at the end of 2020 and continues throughout 2021.
Pandemic-related shortages and transportation restrictions, combined with demand returning to normal, are driving up prices.
The Central Statistics Office said residential property prices rose 10.9% nationwide in the year to August.
Half of that growth came in the last three months.
It’s the biggest annual price change since June 2018.
It compares to an 8.5 percent increase in the year to July, but property prices have now returned to a double-digit rise.
Recently, in August 2020, prices actually decreased by almost 1 piece.
Dublin prices are up 10.2 percent in the year to August, with prices outside Dublin up 11.5 percent.
There was a jump in transactions in August as households bought 3,764 homes, an increase of 60% compared to August 2020.
The average or typical price paid for a property globally is now €270,000.
The Dublin region recorded the highest average price at €39,999.
Within the Dublin area, Dún Laoghaire-Rathdown recorded the highest average price at €562,000, while South Dublin recorded the lowest at €366,875.
The lowest price nationwide was 124.900 euros per letter.
Meanwhile, pressure on home energy bills continues with Bright Energy announcing a 16% increase in electricity prices as of November 6.
This will add €207 to a typical bill. There have been more than 30 different energy price hike announcements this year, with costs expected to rise by around €500 per average.
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