Annual consumer inflation in September climbed to 4.1%, up from 3.7% the previous month, marking the highest rate since January 2024. This rise was primarily fueled by soaring energy costs, with energy products such as electricity, gas, and other fuels experiencing a 15.3% increase over the past year.
Fuel prices saw significant hikes, with diesel prices rising by 22% year-on-year and petrol prices up by 14%. Within September alone, diesel prices surged by 5.4%, and petrol increased by 4.8%. The average price of diesel reached €2.06 per liter, while petrol averaged €1.96 per liter. Additionally, home heating oil prices jumped 7.2% from August to September and saw a staggering 58.6% increase over the year.
Beyond energy, other factors contributing to the inflation spike included rising mortgage interest costs and increased prices in education and transport sectors. Education costs rose by 8.9%, while transport prices increased by 7.5% over the year.
In contrast, food prices recorded a much smaller annual increase of just 0.4% in September. However, experts anticipate additional pressure on food costs in the coming year, potentially adding to consumer concerns over inflation.