The annual rate of inflation rose to 9.1% in June, its fastest rate in 38 years, the latest figures from the Central Statistics Office show.

Over two thirds of the annual increase is made up of higher transport and housing costs, which include gas and electricity.

The shock of June's big increase in inflation was trailed earlier this month by the harmonised measure of inflation, which allows for comparisons across the EU, forecast to be 9.6%. That was confirmed today.

The consumer price index measure rose from 7.8% to 9.1% last month, the highest rate since 1984.

Electricity is now up 40.9% on an annual basis while natural gas is up 61%. Home heating oil has more than doubled, up 115.4%.

Petrol is 43.8% higher while diesel is 50.7% higher.

But food inflation has also taken a significant leap and it is now running at 6.8% on an annual basis.

Further proof of this could be seen today in separate figures showing the price of agricultural raw materials increasing by nearly 42% on an annual basis.

There were some price falls recorded in today's CSO figures. They included motor insurance and public transport fares.

The CSO said that prices were 1.3% higher month-on-month, up from the 0.9% registered in each of the previous two months but well down from the 1.9% recorded in March.

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