There has been a call for urgent action from the Government to tackle the high prices.
Motor premiums have been rising for 14 months in a row.
The cost of insuring a vehicle was up by 11pc in the year to October, according to the latest inflation figures from the Central Statistics Office (CSO).
Prices across the board in this country are among the highest in Europe.
Call for urgent Government action to tackle high prices
And two years of raging inflation have left overall prices of goods and services between 20pc and 25pc higher than they were before Covid and the Russian invasion of Ukraine.
The latest figures from the CSO show that overall consumer prices rose by 0.7pc last month when compared with a year earlier.
This was the same rate of inflation that the statisticians recorded in September.
But Paul Walsh, spokesman for Peopl Insurance, which sells insurance through credit unions, said many consumers would be bemused by the latest inflation figures, as price rises on many goods and services are “dwarfing the rate of general inflation”.
He called on the Government to do more to bring down prices.
Mr Walsh said that at 10.9pc, motor insurance premiums have risen at 15 times the rate of inflation.
And the rate of inflation is well above average for restaurants, cinemas and package holidays.
He said there are many people who cannot afford to eat out in a restaurant today, or not as regularly as before the runaway inflation of recent years set in.
“Collectively, we need to be more demanding in how we expect our business leaders and those in the local and national public service to behave to urgently tackle Ireland’s inflation head on – and also to help the many struggling with higher prices,” Mr Walsh said.
He said there are also a number of supermarket staples that have increased significantly in price during the years of record inflation, and these items have not become more affordable since inflation started to ebb.
“For example, inflation is running well above average for butter, potatoes, frozen vegetables and olive oil.
“So for many consumers, the price squeeze is still alive and well,” he said.
He said inflation has eased, but prices are still increasing and from a much higher base.
The consumer price index, which is the official measure of inflation, shows the price of wine in off-licences was higher in October when compared with a year earlier, while the hike in the excise duty on cigarettes in last month’s budget pushed up the cost of a packet of 20.
The CSO said home insurance rates were 7.6pc higher, according to its consumer price index.
Health insurance costs are up by 10.4pc in the year after a string of price rises from VHI Healthcare, Laya Healthcare and Irish Life Health.
The rate of inflation may be under 1pc, but consumers are still paying elevated prices for goods and services after two years of rapid cost increases.
And the Government is worried another cost-of-living crisis could be on the horizon after Donald Trump secured a second term in the White House.
Cost-of-living issues in the US are said to have swung the election in favour of Trump.
There is a fear in government circles that if the incoming president pulls support from Ukraine, like he has said he would, then Russia could take more territory.
This would in turn affect food and energy prices.
CSO statisticians said the 0.7pc annual rise in prices for last month was the same as the rate recorded for the previous month.
Prices in the month of October rose by 0.3pc when compared with September.
Over the last year, the CSO said consumers have been hit with higher prices for alcoholic drinks and food consumed in licensed premises, restaurants and cafes.
The statisticians also recorded higher prices for package holidays, recreational and sporting services and cultural services.
