Home heating oil is up almost 60% in a year, as Irish inflation climbs to levels not seen since early 2024.

Prices rose by 4% in the year to October, up from 3.8% in September, according to a flash estimate from the Central Statistics Office (CSO).

Energy is the big driver as prices jumped 4.5% in October alone and are now more than 18% higher than a year ago.

This means households face into the most unforgiving period of the year with much higher bills to heat their homes and fill their cars.

The biggest price risers

The latest detailed figures, for September, show where the pain is sharpest.

At the pumps, a litre of diesel cost an average of €2.06 in September, 37c more than a year earlier. Petrol averaged €1.96, up 24c.

Education costs rose by 8.9% and transport by 7.5%, while restaurant and hotel prices were up 3.5%.

What got cheaper?

Not much, but butter is down 9.3% vs the same point last year, with a pound of butter costing 57c less than it did last September.

Milk, bed linen, carpets and rugs have also dipped in price.

Grocery prices overall are almost flat, with food up just 0.1% in the year to October.

Who is hit hardest?

Younger households are feeling it most. Inflation for under-35s was 4.4% in September, compared with 3.9% for over-65s, the CSO found.

Renters faced 4.3%, mortgage holders 4.1%, and those who own their homes outright 3.7%.

What happens next?

Economists warn food could be next. Kate English, chief economist at Deloitte Ireland, told the Irish Times that higher fuel costs usually feed into food prices after eight to 10 months, and that this ‘has not yet emerged’.

Markets expect another interest rate rise from the European Central Bank at its December 17 meeting, which would push up tracker and variable mortgage repayments again.

The soaring cost of living is also at the heart of this week’s public sector strike, with unions arguing that inflation above 4% would wipe out the Government’s pay offer.