Insurance hikes hitting Irish consumers hardest, new CSO figures show

Your home, your health and your car are all getting more expensive...

Insurance hikes hitting Irish consumers hardest, new CSO figures show

A woman drinks coffee whilst driving (Picture posed by model) | Image: Jonathan Brady PA Archive/PA Images

The cost of motor insurance rose by almost 9% last year, according to new data from the Central Statistics Office.

The Consumer Price Index also showed that the price of home insurance increased by 6% in the year to December, while there was a 6.5% rise in the cost of health insurance.

Looking at the overall picture for consumers, the CSO said prices at the end of 2016 were, on average, at the same level as the previous year.

However, they did note a 7% increase in the price of cigarettes since December 2015.

On the bright side for people's pockets, there were drops in the cost of furnishings and household equipment (-4.8%), clothing and footwear (-3.8%), food and non-alcoholic beverages (-2.8%) and communications (-2.7%) in December, compared to the same period in 2015.

Food and non-alcoholic beverages fell mainly due to lower prices across a range of products such as jam, honey, chocolate & confectionery, meat, cereals, vegetables and soft drinks.

Furnishings, household equipment & routine household maintenance decreased primarily due to the reduced cost of furniture & furnishings and non-durable household goods. Clothing and footwear fell due to sales.

Restaurants and hotels rose mainly due to higher prices for alcoholic drinks and food consumed in licensed premises, restaurants and cafés, and an increase in the cost of hotel accommodation.