Inflation rate estimated to have slowed to 4.6% in July from 4.8% in June – CSO

August 1, 2023

Inflation in Ireland, as measured by the Harmonised Index of Consumer Prices, is estimated to have moderated to an annual rate of 4.6% in July from 4.8% in June, new figures from the Central Statistics Office show.

Today’s CSO flash inflation figures show that energy prices are estimated to have increased by 0.2% in the month and decreased by 1.3% since July last year.

Core inflation – which excludes energy and unprocessed food prices, is estimated to have risen by 5% since July of last year, down from a rate of 5.7% in June.

Core inflation is seen as a better gauge of the underlying inflation trend.

Today’s figures also show that food prices are estimated to have risen by 0.2% in the last month and increased by 8.6% over the year since July 2022.

Transport costs increased by 1.3% in the month and decreased by 4.1% in the 12 months to July of this year.

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

Eurostat will publish flash estimates of inflation from the euro zone for July next week.

Commenting on today’s CSO figures, Finance Minister Michael McGrath said that as the fall in wholesale energy prices is passed-on at the retail level, he expects headline inflation to ease further in the months ahead.

He also said he was conscious that core inflation is still running at 5%.

“This largely reflects the strength of the economy right now and the achievement of full employment. This is projected to ease, albeit at a somewhat slower pace than for headline inflation,” the Minister said.

Article Source: Inflation rate estimated to have slowed to 4.6% in July from 4.8% in June – CSO – RTE

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