Inflation reaches 4.4%

Inflation is now over double the Government target after increasing by 0.6% in the past month to 4.4%...

Inflation is now over double the Government target after increasing by 0.6% in the past month to 4.4%. In June the National Statistics office recorded a CPI increase to 3.8%, surpassing the Government’s target of 2%. This has increased further with the largest upward pressures coming from food and the oil price. Food and non-alcoholic beverages were the main offenders with meat, bread and cereals seeing the largest price hikes. Higher oil prices were also stated as a driver with petrol rising 1.2p per litre between June and July compared to a 0.4p decline at the same time last year.