14 October 2021
Commenting on the reports, Barra Casey, Senior Statistician, said: “The latest publications for the Residential Property Price Index and Consumer Price Index show increased price growth for both residential property and consumer goods and services. This continues the trend of accelerating price growth that first emerged in the latter part of 2020 and has continued throughout 2021.
Residential property prices increased by 10.9% nationally in the year to August, with about half of this growth coming in the latest three months. This is the largest annual change in prices since June 2018. It compares to an increase of 8.5% in the year to July and a decrease of 0.9% in the twelve months to August 2020. In Dublin, the annual growth in property prices was 10.2% in August, with prices outside Dublin rising by 11.5%.
There were significantly more transactions in the market in August with households purchasing 3,764 dwellings, an increase of 59.6% compared to August 2020.
The Consumer Price Index (CPI) for September 2021 shows a rise in prices of 3.7% on average compared to September 2020. This is the largest annual change in prices since October 2008 when prices rose by 4.0%.
Consumer prices in August increased by 0.5% in the month. This is the eleventh month in succession that prices have increased when compared to the previous month. This is the longest consecutive sequence of monthly inflation since 2007.
The most significant increase in the year could be seen in Transport (+11.4%). This increase was mainly caused by higher prices for diesel, petrol and motor cars, an increase in airfares and a rise in the cost of services in respect of personal transport equipment.”
Colin Cotter (+353) 21 453 5770 or Viacheslav Voronovich (+353) 21 453 5164
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