Consumer prices in July were half a percent higher than they were at the same time last year, according to the Central Statistics Office.

That was the highest rate of annual inflation since July 2013.

The biggest contributor to the increase in the year to this July was miscellaneous goods and services, where costs were 6.6% higher.

This was mainly accounted for by higher motor, health and house insurance premiums.

The cost of motor insurance was 38.2% higher in the year while the cost of insuring a home was 11.2% higher.

In a statement the Department of Finance said the Working Group set up to examine the cost of insurance is scheduled to meet on 2 September with further meetings scheduled after that.

It will report with recommendations to Minister for Finance Michael Noonan at the end of the year.

Transport prices fell by 3% in the year.

This was accounted for by lower petrol and diesel prices and a reduction in the price of cars, which was partially offset by an increase in air fares.

In the month of July, prices - as measured by the Consumer Price Index - fell by 0.2%.

That follows an increase in consumer prices of 0.7% in the month of June.

The most significant monthly price changes in July were decreases in clothing and footwear, likely capturing the effect of sales in that period.

Consumer prices fell by 0.3% in July of last year.