Energy tariff hikes and higher food prices have sent the rate of inflation up again.
Prices are estimated to have risen by 3.2pc in the 12 months to November. Its the highest since December 2023.
This is despite the fact that prices fell by 0.2pc when compared with October, according the Central Statistics Office (CSO).
The “flash” estimate for inflation in November is recorded in what is called the European Union harmonised measure of consumer prices.
The overall rate of inflation has been creeping back up in recent months, putting huge pressure on household budgets in the run-up to Christmas.
Energy prices are estimated to have grown by 0.7pc in November, and rose by 3.3pc over the past year.
Bord Gáis Energy, Energia, Pinergy and SSE Airtricity all hiked electricity prices last month. Flogas raised its electricity prices in August.
Food prices are estimated to be unchanged in the month but they increased by 4.2pc in the last 12 months, according to the CSO’s “flash” estimate of inflation from the EU Harmonised Index of Consumer Prices for November.
Statistician Anthony Dawson said: “The latest flash estimate of the Harmonised Index of Consumer Prices (HICP), compiled by the CSO, indicates that prices for consumer goods and services in Ireland are estimated to have increased by 3.2pc in the past year.
“It should be noted that the low base in November 2024 has had an impact on the annual change of 3.2pc in the year to November 2025 being published today.”
He said transport costs have grown by 0.1pc in the month and rose by 3pc in the 12 months to November.
Petrol and diesel prices went up due to the imposition of carbon tax in October’s Budget.
Diesel prices are up 4c a litre, with petrol up 2c in the last month, according to the November AA Ireland fuel price survey.
The motoring organisation said this rise in prices will put real pressure on motorists, particularly those who depend on their vehicles for work, school runs and daily commuting.
The ongoing rise in prices means a majority of consumers expect to have less money to spend this Christmas and half plan to cut back on gifts and entertainment.
Last week’s November Credit Union Consumer Sentiment Index shows the pressure on household budgets from the cost-of-living crisis in which food, energy and a range of other goods and services continue to rise in price.
Stretched families are having to budget, dip into their savings to fund the festive celebrations and some are even borrowing.
The survey found that 52pc of Irish consumers said they have less money to spend on Christmas than they had a year ago. Only 9pc said they have more spending power this year.
Surveyors found that 53pc of consumers plan to cut back on Christmas entertainment, with 50pc saying they will spend less on presents this year.
Some 42pc of consumers will fund their Christmas spending with their income, down on 47pc a year ago.
The numbers relying on savings are up, but so, too, are numbers borrowing or relying on help from family and friends.