Prices rose by 7.8% in the year to May 2022, the largest increase in almost 38 years, new CSO data shows.

The Consumer Price Index (CPI) rose by 7.8% in the year to May 2022, up from an annual increase of 7.0% in the year to April 2022.

This is the largest annual increase in the CPI since Q3 1984 when annual inflation was 7.9%.

The divisions with the largest increases were housing, water, electricity, gas and other fuels (+20.9%) and transport (+16.5%). 

Miscellaneous goods and services (-1.8%) and education (-0.8%) were the only divisions to show a decrease when compared with May 2021.

Lower airfares

Consumer prices rose by 0.9% in the month between April and May, with housing, water, electricity, gas and other fuels up 3.7%, alcohol and tobacco up 2%, clothing and footwear up 1.7% and restaurants and hotels up 1.1% while the largest decrease in the month was in transport -1.7% due primarily to lower prices for airfares, bus fares, and rail fares.

Statistician Colin Cotter said that prices have been rising on an annual basis since April 2021, with an annual inflation of 5% or more recorded each month since October 2021.

Diesel at €1.89 per litre and petrol at €1.81 per litre were up by 54.1 cent per litre (+40.1%) and 34.9 cent per litre (+23.9%) respectively between April 2021 and April 2022 

White sliced pan

The national average price for bread (large (800g white sliced pan) was up 12.4 cent in the year to April 2022, while the same size brown sliced pan was up 17.4 cent in the year.

Spaghetti per 500g increased by 19.3 cent in the year while the average price for 2.5kg of potatoes decreased by 28.5 cent.

The national average price of a take-home 50cl can of lager at €2.16 was up 27.9 cent on average from April 2021 while a take-home 50cl can of cider at €2.36 was up 14.1 cent.