Annual consumer inflation in September rose to 4.1%, an increase from 3.7% in August, driven primarily by surging energy costs. This marks the highest inflation rate since January 2024. Energy products, including electricity, gas, and other fuels, saw prices increase by 15.3% over the 12-month period ending in September.
The sharp rise in fuel prices significantly contributed to the overall inflation rate. Diesel prices climbed 22% year-on-year, with a 5.4% increase observed just in September, while petrol prices rose by 14% over the year and 4.8% during September alone. The average price of diesel reached €2.06 per litre, and petrol averaged €1.96 per litre.
Home heating oil experienced the most considerable increase, with prices soaring 7.2% between August and September and a substantial 58.6% over the past year. These spikes in energy-related costs underscore the broader upward pressure on consumer prices.
In addition to energy costs, higher mortgage interest rates, and increased prices in education and transport sectors contributed to inflation. Education costs rose by 8.9%, and transport prices were up by 7.5% over the year. Meanwhile, food prices recorded a modest annual increase of 0.4% in September, though further pressures on food costs are anticipated in the coming year.