Consumer prices rose by 0.3 per cent last month as the annual rate of inflation increased to 2.8 per cent.

Rising education, electricity, gas and housing costs drove the October increase in the Central Statistics Office's Consumer Price Index, which was unchanged in the same month last year.

An increase in third-level charges saw education costs increase by 7.5 per cent last month. The data shows that natural gas prices surged by some 20 per cent in October, with electricity prices going up 6.4 per cent.

Excluding energy costs, the index rose by 0.2 per cent on the month and has increased by 1.8 per cent since the beginning of the year.

The data shows that rents increased by 1.1 per cent and mortgage interest costs, which have spiked by 18.1 per cent over the past 12 months, were up by 0.6 per cent last month.

The CSO said that transport costs fell by 0.8 per cent last month on the back of lower fuel costs and airfares. On an annual basis, the cost of furnishings and household equipment have fallen by 2.2 per cent, as have the prices of restaurants and hotels (down 0.9 per cent) and recreation and cultural activities (down 0.8 per cent)

The EU Harmonised Index of Consumer Prices increased by 0.3 per cent last month, compared to an increase of 0.1 per cent in the same period last year. Prices across the EU have on average increased by 1.5 per cent year on year.