Ireland's consumer price inflation accelerated for the fourth consecutive month in May, to reach its highest level in almost 38 years, data from the Central Statistics Office showed on Thursday.
Consumer prices climbed 7.8% year-over-year in May, faster than the 7.0% rise in April. This was the strongest inflation rate since the third quarter of 1984, when prices had grown 7.9%, the statistical office said.
The recent upturn in inflation was largely driven by a 20.9% jump in utility costs. Transport charges also registered a double-digit growth of 16.5% annually in May, due to higher energy prices.
Prices for food and non-alcoholic beverages grew 4.4% and hotel and restaurant charges were 5.9% higher compared to last year. Miscellaneous goods and services and education were the only divisions to indicate an annual decrease in May.
On a monthly basis, consumer prices increased at a stable rate of 0.9% in May. EU harmonized inflation rose to 8.3% in May, from 7.3% in April.
Month-on-month, the harmonized index of consumer prices gained 1.1%, following a 0.9% increase in the prior month.
