Irish Inflation Rate Rises To 4-Year High In April

Irish consumer prices increased by 0.9 percent in the year to April 2017 after rising by 0.7 percent in the previous month and beating market consensus of a 0.3 percent gain. It was the highest inflation rate since February 2013, mainly driven by higher cost of transport.

Year-on-year, the biggest upwards contribution came from: Transport (7.2 percent from 5.3 percent in March); restaurants and hotels (2 percent from 2.2 percent) and miscellaneous goods and services (1.7 percent from 2 percent). Additional gains came from: Housing, water, electricity, gas and other fuels (1 percent, the same as in March); and health (2.2 percent from 1.7 percent). By contrast, cost continued to drop for: Food and non-alcoholic beverages (-2.7 percent from -2.6 percent in March); recreation and culture (-2 percent from -2.4 percent); clothing and footwear (-4.3 percent from -3.8 percent); and furnishings and household equipment (-4.9 percent from -4.5 percent).

Annual core inflation rate, which excludes energy and unprocessed food, rose to 0.7 percent from 0.2 percent in March.
On a monthly basis, consumer prices grew by 0.4 percent, easing from a 0.6 percent rise in the previous month but way above market expectations of a 0.1 percent drop. The most significant monthly price changes were increases in Transport (2.3 percent) and restaurants and hotels (0.5 percent). There were decreases in furnishings, household equipment and routine household maintenance (-0.8 percent) and clothing and footwear (-0.6 percent)

The harmonized index increased by 0.7 percent compared to a year earlier and by 0.4 percent in the month.

Irish Inflation Rate Rises To 4-Year High In April

CSO | Joana Ferreira |
5/11/2017 10:22:47 AM