Irish Inflation Rate Rises to 15-Month High in July

The annual inflation rate in Ireland rose to 0.8 percent in July of 2018 from 0.4 percent in June. It was the highest inflation rate since April last year, as cost of transport increased faster due to higher diesel and petrol prices.
CSO | Stefanie Moya | 8/9/2018 10:43:15 AM
Year-on-year, prices increased faster for transport (2.2 percent compared to 1.5 percent in June), mostly due to higher prices for diesel and petrol which was offset by a decrease in air fares. Additionally, cost declined less for furnishings, household equipment & routine household maintenance (-3.9 percent compared to -4.1 percent), mainly due to the cost of non-durable household goods, furniture & furnishings, household textiles and glassware, tableware & household utensils; miscellaneous goods & services (-3.2 percent compared to -3.9 percent), due  to health, motor insurance premiums and appliances, articles & products for personal care; clothing & footwear (-0.2 percent compared to -1.4 percent) and recreation and culture (-1.0 percent compared to -1.5 percent). 

Meanwhile, inflation was steady for: housing & utilities (5.4 percent, the same as in June) and alcoholic beverages & tobacco (2.8 percent). Also, prices slowed for restaurants & hotels (1.8 percent compared to 2.1 percent) and education (1.5 percent compared to 1.6 percent). In addition, prices continued to drop for food & non-alcoholic beverages (-2.1 percent, the same as in June), due to lower prices across a range of products such as meat, vegetables, bread & cereals and jam, honey, chocolate & confectionery.

The core index, which excludes energy and unprocessed food, advanced 0.1 percent, after decreasing 0.2 percent in the previous month.

On a monthly basis, consumer prices picked up 0.4 percent, following a 0.1 percent gain in June. The most significant monthly price changes were increases in transport (3.2 percent) and restaurants & hotels (0.8 percent).  There were decreases in clothing & footwear (-5.6 percent) and furnishings, household equipment & routine household maintenance (-1.4 percent).

The harmonised index of consumer prices went up by 1.0 percent from the previous year; and by 0.4 percent from the previous month.

Irish Inflation Rate Rises to 15-Month High in July