This morning Ireland’s Central Statistics Office (CSO) has released its inflation figures for July 2011. The headline Consumer Price Index (CPI) was flat month-on-month but up 2.7% year-on-year (same as the annual figure last month, in July 2010 the CPI also remained flat). The biggest driver of inflation in the past 12 months continues to be the CSO category of housing-related costs, and within that, the most significant component is mortgage interest* which has risen a staggering 25.2% in the past 12 months and indeed a significant 2.3% in the past month alone as ECB and domestic bank-driven interest rate rises take effect. Mortgage interest comprises nearly 7% of the CPI so the effect is significant.
full article here at source:http://namawinelake.wordpress.com/2011/08/11/irish-residential-rents-continue-to-stabilise-with-0-5-drop-year-on-year-mortgage-interest-costs-up-a-staggering-25-2-year-on-year/