Annual consumer inflation in September surged to 4.1%, marking the highest rate since the beginning of the year. This increase from August’s 3.7% was primarily propelled by rising energy costs. Over the past year, prices for energy products, including electricity, gas, and other fuels, escalated by 15.3%.
Fuel prices experienced significant hikes, with diesel seeing a 22% year-on-year increase and petrol rising by 14%. In September alone, diesel prices jumped by 5.4%, while petrol prices rose by 4.8%. The average price of diesel reached €2.06 per litre, and petrol averaged €1.96 per litre.
Home heating oil showed an even sharper increase, climbing 7.2% between August and September and a staggering 58.6% over the past year. Additionally, higher mortgage interest costs and rising prices in education and transport sectors contributed to the overall inflationary trend. Education costs increased by 8.9%, and transport prices went up by 7.5%.
Meanwhile, food prices recorded a modest annual increase of 0.4% in September. However, there is an expectation of further pressure on food costs in the coming year, which could impact consumer spending and economic dynamics.