Ireland Inflation Rate Slows in October

Irish annual inflation rate decelerated for the second consecutive month to 0.2 percent in October of 2014 from 0.3 percent in the previous month as prices of food, transportation and clothing and footwear decreased.

Upward pressures mostly came from restaurants and hotels (+0.42 percent) and miscellaneous goods and services (+ 0.42 percent) due to higher costs in local property tax and a price rise in insurance premiums. In addition, alcoholic beverages and tobacco increased (+ 0.23 percent). In contrast, downward pressures came from food and non alcoholic beverages (-0.3 percent) due to a decline in prices of meat, vegetables, bread and cereals, transportation (- 0.24 percent) as the prices of petrol declined and clothing and footwear (- 0.22 percent) due to sales.

In comparison with September 2014, Irish consumer prices decreased 0.3 percent, following a 0.2 fall in the previous period. Prices of transport dropped (-0.32 percent) due to lower petrol and diesel cost and prices of restaurants and hotels (-0.07 percent) fell mainly due to lower cost of hotel accommodation. Upward pressures came from education (+ 0.13 percent) primarily due to the extra costs associated with participating in third level education and miscellaneous goods and services (+ 0.09 percent) mainly due to a rise in motor insurance premiums and higher prices for products for personal care.

Prices on average, as measured by the EU Harmonised Index of Consumer Prices increased by 0.4 percent compared with October 2013.

 Ireland Inflation Rate Slows in October

CSO | Carolina Cunha |
11/13/2014 12:01:20 PM