Consumers paid 2.2 per cent more for a basket of goods and services in January than they did the year before - the inflation rate falling from 2.4 per cent in December.

According to the latest Consumer Price Index report from the Department of Statistics, the biggest increases were in clothing and footwear, up 6 per cent, and transport and foreign travel up by 5 per cent.

The cost of health and personal care also bumped up by 4.4 per cent compared to education, reading and recreation which increased 2.3 per cent, and rent which went up 1.5 per cent.

Food rose 1.6 per cent, as the data show a slowing down of food price increases. Food price inflation fell from 6.5 per cent rise in 2023 to 3.6 per cent in 2024 and to 2.1 per cent last year.

Within the food category chicken went up 9.3 per cent, meat by 6.8 per cent and sugar by 6.3 per cent, compared to the same period the previous year.

Meanwhile, flours and pasta fell by 7.6 per cent, dairy and eggs by 5.3 per cent and frozen entries by 3.2 per cent.

The fuel and power category saw the biggest dip of 4.2 per cent, while tobacco fell by 0.2 percentage points.

In the report the Government said over the past decade the annual rate of inflation has exhibited significant variability, reaching a ten-year low of -1.4 per cent in July 2020 and peeking at 5.1 per cent in September 2022.

“The annual average percentage change for the period 2015 to 2025 shows an overall upward trend in average price levels, peaking at 4 per cent in 2022,” the CPI report stated. “The rate of increase subsequently slowed up 3.3 per cent in 2023 and 1.9 per cent in 2024, before rising marginally to 2 per cent in 2025. Overall, price growth remains below the post-pandemic peak but above 2020 levels.”