Annual consumer inflation in September rose to 4.1%, up from 3.7% in August, marking the highest rate since January 2024. This increase was primarily driven by rising energy costs, which soared by 15.3% over the past year.

Fuel prices showed significant hikes, with diesel prices climbing 22% year-on-year and petrol prices increasing by 14%. In September alone, diesel prices rose by 5.4%, and petrol prices by 4.8%, bringing the average price of diesel to €2.06 per litre and petrol to €1.96 per litre. Additionally, home heating oil saw a substantial rise, increasing 7.2% from August to September and 58.6% over the year.

Beyond energy, other factors contributed to the elevated inflation rate. Mortgage interest costs, as well as education and transport prices, saw increases. Education costs jumped by 8.9%, while transport prices rose by 7.5%. These changes contributed to the broader rise in consumer prices.

Food prices, however, experienced a more modest annual increase of 0.4% in September. Despite this, there is an expectation of further pressure on food costs in the coming year, potentially impacting the overall inflation landscape.