Global Oil and natural gas prices are the main drivers of inflation which currently is at 5 percent for January according to a leading economist.
The slow down in worldwide production of natural resources is leading to a strain on demand which in turn is driving up prices.
Housing, water, electricity and gas made up 1.5 percent of overall inflation meaning that bills in these areas are going up.
Economist Jim Power says global prices are influencing everyday expenses:
"It is oil, natural gas prices, global prices feeding into diesel, petrol, electricity, gas, home-heating oil, all of those things. That's the big driver of inflation in the system. The second piece, which is also you know very relevant from a national economic competitiveness perspective is the housing market."
