Annual consumer inflation in September climbed to 4.1%, up from 3.7% in August, reaching its highest point since January 2024. This surge was primarily fueled by soaring energy costs, which saw a 15.3% increase over the past year. Electricity, gas, and other fuels significantly contributed to this rise, with diesel and petrol prices witnessing dramatic spikes.
Diesel prices jumped 22% year-on-year, while petrol rose by 14%. September alone saw diesel prices increase by 5.4% and petrol prices by 4.8%. The average price of diesel reached €2.06 per litre, and petrol averaged €1.96 per litre. Home heating oil experienced an even sharper rise, climbing 7.2% between August and September and an astonishing 58.6% over the year.
In addition to energy costs, higher mortgage interest rates and rising expenses in education and transportation also played a role in the overall inflation increase. Education costs surged by 8.9%, while transport prices went up by 7.5%.
Food prices showed a modest annual rise of 0.4% in September. However, there is an anticipation of further pressure on food costs in the coming year, suggesting that inflationary challenges may persist.