Mortgage interest costs have increased by 51 per cent over the past year, according to the Central Statistics Office (CSO).

Following the revelation, Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called for the introduction of temporary and targeted mortgage interest relief to support struggling households.

Teachta Doherty said: "The Consumer Price Index shows that the cost of living continues to rise while electricity prices did not fall, despite the sharp reduction in wholesale prices.

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"For so many households, the cost of living crisis is getting worse.

"In the past year, mortgage interest costs have increased by 51 percent.

"This is a massive income shock for households.

"The Central Bank estimates that 1 in in 5 households will see their annual mortgage costs increase by €5,700.

"Targeted and temporary mortgage interest relief should be introduced to support struggling households and address this mortgage misery.

"The figures also show that the price of petrol, diesel and home heating oil all rose significantly in the past month.

"The Government's plan to increase taxes on each is the last thing households need at this time of challenge and financial worry.

"The hikes in excise and the carbon tax should not proceed as workers and families contend with a cost of living crisis."