Irish November Inflation Rate Hits 5-Month Low of 0.6%

Irish annual inflation rate dropped to 0.6 percent in November 2018 from 0.9 percent in the previous month. It is the lowest inflation rate since June, as prices slowed mostly for housing & utilities and transport.
CSO | Luisa Carvalho | 12/13/2018 2:31:13 PM
Year-on-year, inflation softened mainly for housing & utilities (5.1 percent vs 5.5 percent in October), namely electricity (3.0 percent vs 5.0 percent) and gas (7.9 percent vs 8.9 percent); transport (0.9 percent vs 3.3 percent), due to fuels (9.4 percent vs 12.4 percent); and restaurants & hotels (1.9 percent vs 2.1 percent). In addition, prices fell for: food & non-alcoholic beverages (-2.0 percent vs -2.2 percent), amid lower prices across a range of products such as meat, bread & cereals and sugar, jam, honey, chocolate & confectionery; recreation & culture (-0.2 percent vs -0.9 percent); clothing & footwear (-1.1 percent vs -0.6 percent); communication (-1.5 percent vs -1.0 percent); furniture & houshold equipment (-4.1 percent vs -4.3 percent); and miscellaneous goods & services (-2.5 percent vs -3.1 percent), namely health and motor insurance premiums and lower prices for appliances, articles & products for personal care.

In contrast, cost rose faster for alcoholic beverages & tobacco (3.1 percent vs 2.6 percent) and health (0.6 percent vs 0.4 percent).

Annual core inflation, which excludes energy and unprocessed food, stood at 0.1 percent in November, unchanged from the previous month.

On a monthly basis, consumer prices decreased 0.5 percent, the most since January, following a 0.1 percent drop in October. The most significant negative contributions came from transport (-0.3 percent), due to a reduction in air fares and a decrease in cost of motor cars; and restaurants & hotels (-0.2 percent), as cost of hotel accommodation went down. 

The harmonized index of consumer prices rose by 0.8 percent from the previous year (vs 1.1 percent in October); and went down 0.4 percent from the previous month (vs -0.2 percent in October).

Irish November Inflation Rate Hits 5-Month Low of 0.6%