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.

KEYWORDS: business, finance


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