Irish inflation hits 38-year high of 9.2%

Annual inflation in Ireland hit a 38-year high of 9.2% in October, up from 8.2% a month earlier after fresh electricity and gas price increases kicked in, Central Statistics Office data showed on Thursday.

Inflation had eased over the previous two months after steadying at the recent high of 9.1% in July, but was expected to rise again after energy companies announced that price increases of up to 47% would be implemented in early October.

The month-on-month increase of 1.6% was the second highest monthly jump in consumer prices this year. Ireland’s finance ministry expects inflation to peak at 10.4% in the final quarter, before easing gradually to average 7.1% next year.