Inflation eased to 5% in January for first time in 14 months

Petrol and diesel prices rose by 29.5 and 32 per cent

The CSO’s latest consumer price index showed the sector with the largest increase in the year to January was transport. Picture: Getty

Annual inflation eased back to 5 per cent last month after a 20-year high in December, according to figures released today by the Central Statistics Office.

Consumer prices in January decreased by 0.4 per cent month-on-month. This is the first monthly decrease following 14 months of rising prices. Prices have been rising on an annual basis since April 2021, with annual inflation of 5 per cent or more each month since October, and a record ...