New figures from the Central Statistics Office (CSO) have revealed that prices were 5.1% higher for October of this year when compared to last October which is the highest annual change since 2007.
Although the prices for many goods and services are steadily increasing, energy prices remain the predominant reason behind the inflation.
Compared to last year, petrol prices were up 22%, diesel was up 25% and household oil was up 71% last month.
Electricity prices are up 15.5% while gas prices have experienced a hike of 23%.
The cost of rent has increased by 7.5% while phone costs are up 5%.
As a result of the pandemic, hotel accommodation is up 17% while flights have jumped to 72%.
Food has slightly increased by 0.8%, DIY is up just over 13%, household appliances are just over 9% while private rents are up 7.5%.
The only category that has experienced an annual decrease is clothing and footwear.
IMAGE – Paschal Donohoe