The CSO’s latest consumer price index – which measures a basket of goods and services – has now fallen for three consecutive months, fuelling hopes that the current spike in prices may have peaked.
The CSO noted that January was the 16th straight month where the annual increase in prices has been at least 5 per cent. The main drivers of higher living costs in the year to January were housing, energy and food.
The cost of food and non-alcoholic beverages was also up, rising by 12.8 per cent on January last year. Prices across a range of products rose with milk up by 30.6 per cent, sugar , butter , eggs and poultry compared with January 2022.On a monthly basis, the CSO’s figures show consumer prices fell by 0.8 per cent between December and January, providing further evidence that the current price surge is moderating.
“However, inflation is still incredibly high and a huge burden on many households and businesses,” she said.
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