The rate of inflation in Ireland reached 3.7% in the 12 months to August, up from 3.4% in the year to July, new figures from the Central Statistics Office show today.
The figures show the impact of higher oil prices with home heating oil up 44% over the past 12 months, while petrol prices rose by 9% and diesel jumped by 15%.
Electricity prices rose by 8%, while airfares were up 14%.
The figures are based on the Consumer Price Index published by the Central Statistics Office.
The CSO figures also show that clothing and footwear costs rose 3.6%.
Education services rose by almost 9% because of a increase in costs associated with third-level education which came into effect from October 2025, the CSO said.
However, food prices rose modestly by 0.1% overall. Meat rose by 2.2% while fish was up 3.3%, but milk and diary produce fell by 1.7%.
Kate English, chief economist at Deloitte Ireland, said that energy prices are likely to continue exerting pressure as we head into the winter period.
“While oil prices had eased somewhat earlier in the summer, developments in the Gulf region have seen this trend reverse,” she said.
“Only this week, oil prices have climbed back to levels last seen in May, at over $102 per barrel. In addition, European gas prices have surged to levels last recorded at the end of 2022. We also see upward pressure in other pricing metrics, such as freight indices,” she noted.
“All this combined suggests that inflation will continue to be a concern for consumers and businesses for the months ahead,” she added.