Rent and fuel costs rise sharply

The cost of renting climbed more than 5% in November from a year earlier and the cost of home heating and electricity, petrol and diesel also rose sharply, according to CSO figures.

Rent and fuel costs rise sharply

The cost of renting climbed more than 5% in November from a year earlier and the cost of home heating and electricity, petrol and diesel also rose sharply, according to CSO figures.

Its consumer price index showed overall inflation is rising by a meagre 0.5%. Private rents were up 5.6% in November compared to the same month in 2016, while local authority rents increased by 6.5%.

Petrol prices rose almost 6% while diesel went up more than 5%, possibly reflecting the Opec-driven rises in global energy prices.

The price of electricity, gas and other fuels went up almost 5% overall in the past year, with electricity and bottled gas showing significant increases. There was a big jump in the price of home heating oil, up almost 13% in the past year.

Homeowners managed to save on household appliances, the price of which fell almost 5%.

While motor insurance costs dropped more than 8%, motorbike owners saw an increase of more than 12% for their insurance.

Passengers travelling by sea saw costs surge by almost 20%, while air travel prices stayed almost the same.

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