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Ireland's inflation up 3.7 percent

Christian Fernsby |
Ireland's inflation hit a 13-year high in September amid rising energy prices, according to the data released by the country's Central Statistics Office (CSO).

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The Consumer Price Index (CPI) in Ireland increased by 3.7 percent in September when compared with a year ago, the largest annual increase in prices since October 2008, said the CSO.

Compared with the previous month, the September CPI increased by 0.5 percent, it said, adding that this is the 11th month in a row that has seen a growth in the country's monthly inflation, making it the longest sequence of monthly inflation since 2007.

The largest increase in prices was seen in the transport division, which reported a year-on-year increase of 11.4 percent in September, said the CSO, adding that this was mainly caused by higher prices for diesel and petrol in addition to other factors.

Prices for electricity, gas and other fuels in Ireland increased by 21.9 percent on average in September when compared with a year ago, it said.

Earlier this week, Irish finance minister Paschal Donohoe said in a speech at the lower house of the country's parliament that the recent rise in inflation is partly a result of temporary factors, which are expected to fade over time.

But he also warned that acute supply chain pressures including shipping capacity, shortages of raw materials, labor shortages in certain sectors, as well as rising energy prices could further push up inflation and the cost of living in the country.