Consumer inflation in September rose to 4.1% from 3.7% in August, reaching its highest level since January 2024. This surge was primarily fueled by escalating energy costs. Over the past year, energy product prices, including electricity, gas, and other fuels, increased by 15.3%.
Fuel prices saw significant hikes, with diesel prices jumping 22% year-on-year and petrol prices rising by 14%. Notably, within September, diesel prices went up by 5.4% and petrol by 4.8%. The average cost of diesel reached €2.06 per litre, while petrol averaged €1.96 per litre.
Home heating oil experienced a particularly sharp increase, climbing 7.2% from August to September and a staggering 58.6% over the past year. Besides energy costs, rising mortgage interest rates, along with increases in education and transport expenses, contributed to the overall inflation rate. Education costs rose by 8.9%, and transport prices increased by 7.5%.
Meanwhile, food prices registered a modest annual increase of 0.4% in September. However, further upward pressure on food costs is anticipated in the coming year, adding to the complexity of the inflation landscape.