Inflation rate estimated to have slowed to 4.8% in June from 5.4% in May – CSO

July 1, 2023

Inflation in Ireland, as measured by the Harmonised Index of Consumer Prices, is estimated to have moderated to an annual rate of 4.8% in June from 5.4% in May, new figures from the Central Statistics Office show.

Today’s CSO flash inflation figures show that energy prices are estimated to have increased by 0.9% in the month but fell by 3.3% over the 12 months to June.

Meanwhile, food prices are estimated to have increased by 0.2% in the last month and increased by 10.1% in the last 12 months.

But core inflation – which excludes energy and unprocessed food prices – remained steady at 5.7% in June, the CSO said.

Core inflation is seen as a better gauge of the underlying inflation trend and last month it surpassed the headline figure for the first time since prices began to climb in late 2021.

The Central Bank last week hiked its 2023 core inflation forecast to 4.9% from 3.5% three months ago and said it expects it to slow only gradually once it peaks later this year, remaining at 2.7% in 2025.

Eurostat will publish euro area wide estimates for June inflation tomorrow.

The CSO will publish its more detailed consumer price index for June later next month.

Article Source: Inflation rate estimated to have slowed to 4.8% in June from 5.4% in May – CSO – RTE

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