Irish Annual Inflation Rate Slows to 0.7% in August

The annual inflation rate in Ireland fell to 0.7 percent in August of 2018 from 0.8 percent in the previous month. Prices eased mainly due to transport and food and non-alcoholic beverages.
CSO | Stefanie Moya | 9/13/2018 10:34:25 AM
Year-on-year, cost dropped faster for food & non-alcoholic beverages (-2.6 percent compared to -2.1 percent in July), mostly due to lower prices across a range of products namely vegetables, bread & cereals, meat & jam, honey, chocolate & confectionery; recreation and culture (-1.1 percent compared to -1.0 percent); household equipment & routine household maintenance (-4.1 percent compared to -3.9 percent), mainly due to the cost of non-durable household goods, furniture & furnishings, household textiles and glassware, tableware & household utensils and clothing & footwear (-0.8 percent compared to -0.2 percent). Additionally, cost of transport slowed (0.8 percent compared to 2.2 percent). 

On the other hand, prices advanced further for restaurants & hotels (2.1 percent compared to 1.8 percent), due to higher cost of alcoholic drinks and food consumed in licensed premises, restaurants etc. and hotel accommodation; housing & utilities (6.4 percent compared to 5.4 percent), namely rents and home heating oil, electricity and gas and alcoholic beverages & tobacco (2.9 percent compared to 2.8 percent). Also, cost of miscellaneous goods & services decreased at a softer pace (-3.1 percent compared to -3.2 percent), due to health, motor insurance premiums and appliances, articles & products for personal care. In addition, inflation was steady for education (at 1.5 percent, the same as in July). 

The core index, which excludes energy and unprocessed food, went down 0.2 percent, after rising 0.1 percent in the prior month.

On a monthly basis, consumer prices increased 0.3 percent, easing from a 0.4 percent rise in July. The most significant downward contribution in the month were in transport (-0.2 percent) and alcoholic beverages (-0.04 percent). In contrast, there were increases in clothing & footwear (0.2 percent) and housing & utilities (0.2 percent).

The harmonised index of consumer prices went up by 0.9 percent from the previous year; and by 0.3 percent from the previous month.

Irish Annual Inflation Rate Slows to 0.7% in August