Ireland Inflation Rate At 0.1%

Irish annual inflation rate edged down to 0.1 percent in November of 2014 from 0.2 percent in October mainly driven by lower cost of food and non-alcoholic beverages.

The largest downward pressure came from food and non-alcoholic beverages (-0.3 percent) due to lower cost across a range of products such as meat, vegetables and bread and cereals. Transport fell by 0.28 percent mainly due to lower petrol and diesel prices and a reduction in the price of motor cars. Clothing and footwear decreased 0.15 percent due to sales. 

In contrast, upward pressures came from miscellaneous goods and services (+0.48 percent) primarily due to higher cost of health and motor insurance premiums and the increased costs associated with the local property tax. Prices of restaurants and hotels  grew  by 0.26 percent and alcoholic beverages and tobacco index rose 0.22 percent due to higher tobacco prices and higher prices for alcohol sold in off licences and supermarkets.

On a monthly basis, Irish inflation rate fell by 0.3 percent mainly driven by lower transport prices (-0.23 percent) due to lower petrol and diesel prices. Cost of housing, water, electricity and gas decreased by 0.08 percent  due to lower mortgage interest repayments and a decline in the cost of electricity and home heating oil. 

Prices on average, as measured by the EU Harmonised Index of Consumer Prices (HICP), increased by 0.2 percent compared with November 2013.

Ireland Inflation Rate At 0.1%

CSO | Carolina Cunha |
12/11/2014 12:05:11 PM