Inflation hits estimated 4% on energy price rise - CSO

Updated / Tuesday, 3 Nov 2026 12:05

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Annual consumer price inflation is estimated to have risen to 4% in October from 3.8% in September after a jump in energy prices, a flash estimate from the Central Statistics Office shows today.

Today's figures show that energy prices are estimated to have risen by 4.5% in the month and gone up by 18.3% since October of last year.

Meanwhile, food prices are estimated to have risen by 0.1% in the last month and increased by 0.1% on an annual basis.

But today's CSO figures show the "core" rate of inflation, excluding energy and unprocessed food prices, slowed to 2.5% year-on-year from 2.8% in September, hitting levels seen before the Middle East conflict.

The corresponding flash inflation rate for the euro zone will be published tomorrow.

Kate English, chief economist at Deloitte Ireland, said the lag between fuel price increases and a more expensive food shop has not yet emerged in today's inflation figures.

The economist said that the ESRI have previously estimated that energy price increases impact the cost of food eight to ten months later.

"What is certain is that people are facing into a winter with much higher energy costs. While Ireland's economy continues to demonstrate resilience, this will be of little comfort to people heating their home," Kate English said.

She said this stems from continued conflict in the Gulf region, which is the driver of increased energy costs.

"This is the second time Ireland (and Europe) has been negatively impacted by energy prices stemming from a conflict in recent history, the first being the illegal invasion of Ukraine," she said.

"The long-term solution to this is to ensure Ireland, and Europe, builds a more sustainable energy system based on renewables. This is a lesson we can't afford to not learn from," she added.

The CSO said the flash estimates are subject to revision when the final HICP results are published next month.