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Slight rise in inflation rate in November

The annual rate of inflation rose to 4.8% in November, up from 4.6% in October.

However, the average level of price rises during the month of November was just 0.1%, one of the lowest monthly increases recorded this year.

The biggest price increases last month were recorded in the education sector where prices rose by 2%, and health where costs went up by 0.6%.

However, on an annual basis inflation in the education sector is now running at 13.9% compared with just 3.9% in Europe.

Annual inflation in our health sector is now 10.2% compared with just 2.3% in the entire euro area.

Economists expect that Irelands overall inflation rate will spike up towards 6%in the early months of next year as a result of VAT and excise duty increases announced in the budget last week.