Cost Of Living Rose Almost 8% So Far This Year

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Carbon Tax Set To Increase on 1st May (Image by Magnascan from Pixabay)

The latest data from the CSO confirms that prices rose by 7.8% in the year to May 2022, the largest increase in almost 38 years.

April recorded a 7% increase. The largest increases in the year to May 2022 were Housing, Water, Electricity, Gas & Other Fuels (+20.9%) and Transport (+16.5%) Miscellaneous Goods & Services (-1.8%) and Education (-0.8%) were the only areas to show a decrease when compared with May 2021.

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 CSO reveals that Increased energy costs are reflected in the yearly increase of Housing, Water, Electricity, Gas & Other Fuels driven by rises in electricity (+40.9%), gas (+57.1%), liquid fuels/home heating oil (+102.5%) and solid fuels (+25.9%) in the year. The annual change in Transport costs reflects a rise in the cost of diesel (+41.6%), petrol (+25.9%), purchase of motor cars (+13.2%) and airfares (+45.4%) compared to May 2021.