Irish inflation rises to 5.5%, house price growth hits 14%

DUBLIN - Irish inflation rose to 5.5% year-on-year in December from 5.3% a month earlier to remain at a 20-year high, while annual house price growth increased for the 13th successive month to 14% in November, Central Statistics Office data showed on Thursday.

Rises of 18% in transport and 12% in electricity, gas, water and other fuel costs represented by far the largest year-on-year consumer price increases again. Prices were up 0.5% month-on-month and rose by 2.4% for 2021 as a whole.

Another sharp spell of house price growth has been driven by a lack of supply following a massive property crash more than a decade ago. Overall, prices are now just 5.1% below the credit-fuelled 2007 peak.