Inflation has hit a 20-year high of 5.3 per cent in November as housing and energy prices soar.
According to the latest consumer price index from the Central Statistics Office (CSO), this is the largest annual change in prices since June 2001.
Figures show the most significant increase was recorded in transport which rose by 16.2 per cent due to higher prices for diesel, petrol and cars. Diesel prices jumped by 29.2 per cent, while petrol rose by 26 per cent.
Airfares also had a major annual increase of 64.8 per cent.
Higher rents and mortgage rates have pushed housing up by 12 per cent. Meanwhile, water, electricity, gas and other fuels were all up by 12 per cent too. Restaurants and hotels also recorded annual price hikes of 3.9 per cent.
The CSO has reported that this is the 13th month in a row that prices have increased.
The 5.3 per cent rise in consumer prices this November compares to the 0.3 per cent increase reported for the same period last year.