Rents surge to end the year 6.4% higher, while mortgage interest costs start to inch higher
Rents surged and mortgage costs started to inch higher again in the past year, according to the official consumer price figures.
Private landlord rents rose slightly last month but have now climbed 6.4% since December 2017, while local authority rents were around 5% more expensive in the past year.
The increases come at a time when the overall annual inflation rate as measured by the Consumer Price Index remained subdued, at 0.7%.
After falling in previous years, the costs of servicing a mortgage rose slightly last month and have risen 1.3% since December 2017.
The CSO said the largest annual price increases were posted in the categories of housing, water, electricity, gas and other fuels; alcoholic beverages and tobacco; restaurants and hotels; as well as education.
Its detailed figures show the costs of electricity, gas and other fuels climbed 5% since December 2017, while the cost of natural gas was 8.6% higher.
Petrol and diesel prices were up by almost 4% and 7.7% in the year.
Prices charged by restaurants and cafés rose 0.5% last month and were almost 3% higher since December 2017.
The cost of hotel accommodation fell 1.5% since December 2017, the figures show.
October’s budget announced a hike in the Vat rate for hospitality and hotels.
According to the CSO figures, some types of insurance fell in the past year: motor car premiums and health insurance fell by over 7% and by 4.7%.
House insurance costs rose by an annual 3.5%.
