Warning inflation could hit 7% in the next few months

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There’s a warning inflation could hit 7% in the next few months.

It comes as CSO figures show prices rose by 5.5% in the year to December.

That’s the highest annual rate of increase in over 20 years.

Ireland’s high rate reflects a global trend which has been influenced by rising energy costs.

However, Chief Economist with KBC Bank, Austin Hughes says other factors are contributing to issue here.

“There is upward pressure building on inflation with sterling very strong, with oil prices strong and with the introduction of minimum alcohol pricing, the risk is that inflation could threaten 7% in the next couple of months.

“So still some bad news on the inflation front to come.”

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