Consumer prices in March, as measured by the Consumer Price Index (CPI), increased by 0.9 per cent in the month. This compares to an increase of 0.7 per cent in March of last year. As a result, the annual rate of inflation increased to 5 per cent, up from 4.8 per cent in February 2008.

The EU Harmonised Index of Consumer Prices (HICP) rose by 0.9 per cent in the month, compared to an increase of 0.7 per cent in March 2007. The annual rate of inflation, as measured by the HICP, increased from 3.5 per cent in February to 3.7 per cent in March.

The most notable changes in the year were increases in housing, water, electricity, gas and other fuels (+12.3 per cent), food and non-alcoholic beverages (+9.3 per cent), education (+5.9 per cent), health (+5.7 per cent) and transport (+5.6 per cent). There were decreases in clothing and footwear (-3.6 per cent) and furnishings, household equipment and routine household maintenance (-1.3 per cent).

The annual rate of inflation for services was 5.7 per cent in March, while goods increased by 4.2 per cent in the year. The most significant monthly price changes were increases in transport (+2.5 per cent), clothing and footwear (+1.7 per cent), housing, water, electricity, gas and other fuels (+1.2 per cent), restaurants and hotels (+1 per cent) and food and non-alcoholic beverages (+0.9 per cent).

The main factors contributing to the monthly change were as follows: Transport rose due to higher petrol and diesel prices, as well as an increase in airfares; Clothing and footwear rose with higher prices for both clothing and footwear; housing, water, electricity, gas and other fuels rose due to increases in average mortgage interest repayments, local authority rents and home heating oil; Restaurants and hotels rose due to higher prices for alcohol consumed on licensed premises, meals out and hotel accommodation; Food and non-alcoholic beverages rose due to price increases in a wide range of products including milk, meat and fish.

The CPI excluding tobacco index for March was up 0.9 per cent in the month and up 5 per cent in the year. The CPI excluding energy products index was up 0.9 per cent since March and increased by 4.7per cent in the year. The CPI excluding mortgage interest increased by 1 per cent in the month and rose by 3.8 per cent in the year.

Comments (0) »

Show/Hide comment form

Name

Email

Title

Comment

Write the displayed characters

Add Comment