A 12% rise in petrol prices over the last two months is largely responsible for a five point rise in the national Consumer Price Index, according to the National Statistics Office.
The index, which stood at 2.2% in July with a three point rise due to the increase in price of medicines, stood at 2.7% this month. This is the steepest rise registered since 2010.
Petrol and oil prices have increased ten times so far this year and petrol and diesel have reached an historic high with a 0.6% rise on petrol and 0.14% rise in diesel.
The price of petrol broke the 1.5 euro barrier this week costing an average of 1.512 a litre and diesel pieces stood at 1.4443 euros a litre, according to data from the Petrol Bulletin.
Since July petrol prices have increased by 12% and diesel by 8.56% and prices may increase again by over 3% when the increase in IVA comes into effect on September 1. Reports suggest prices could reach 1.8 euros a litre.
