Annual consumer inflation in September rose to 4.1%, up from 3.7% in August, marking the highest rate since January 2024. This uptick was primarily fueled by increasing energy costs, with prices for electricity, gas, and other fuels jumping 15.3% over the year.
Fuel prices showed significant year-on-year increases, with diesel prices surging 22% and petrol prices up 14%. In September alone, diesel and petrol prices rose by 5.4% and 4.8%, respectively. The average price of diesel reached €2.06 per litre, while petrol averaged €1.96 per litre.
In addition to energy, home heating oil saw a notable rise, increasing by 7.2% between August and September and skyrocketing 58.6% over the year. Other contributors to the rise in consumer prices included higher mortgage interest costs, as well as education and transport prices, which increased by 8.9% and 7.5%, respectively.
Food prices experienced a modest annual increase of 0.4% in September, though there is anticipation of further pressure on food costs in the coming year.