Annual consumer inflation in September climbed to 4.1%, marking the highest rate since January 2024, primarily due to a significant rise in energy costs. This increase follows a 3.7% inflation rate recorded in August. Energy product prices, including electricity, gas, and other fuels, surged by 15.3% over the previous year.
Fuel prices contributed notably to this inflationary trend, with diesel prices soaring 22% year-on-year and petrol prices rising 14%. In September alone, diesel and petrol prices increased by 5.4% and 4.8%, respectively. The average price of diesel reached €2.06 per litre, while petrol averaged €1.96 per litre during the same period.
Home heating oil showed an even more dramatic increase, jumping 7.2% from August to September and 58.6% over the past year. These rising energy costs were a key driver behind the overall increase in consumer prices.
Additionally, higher mortgage interest costs, along with increased prices in education and transport sectors, further fueled inflation. Education costs rose by 8.9%, while transport prices went up by 7.5%, adding to the financial burden on consumers.
Despite these pressures, food prices showed a relatively modest annual increase of 0.4% in September. However, experts anticipate further pressure on food costs in the coming year, potentially adding to the inflationary challenges faced by consumers.