Inflation rate slows to 1.6% in year to April – flash CSO reading

May 1, 2024

The latest “flash” estimate of inflation from the Central Statistics Office shows that the annual rate slowed to 1.6% in the year to April from a rate of 1.7% in the year to March.

The CSO said this compares to a rate of 2.4% in the EU Harmonised Index of Consumer Price inflation (HICP) for the euro zone over the same time.

Today’s figures show that energy prices are estimated to have increased by 1% in the month and decreased by 6.3% over the 12 months to April, while food prices are estimated to have gone up by 0.6% in the last month and risen by 2.6% compared to April last year.

Eurostat is due to publish flash estimates of inflation from the European Union for February tomorrow, while the CSO will publish its inflation figures next month.

Irish inflation peaked at almost 10% year-on-year in the middle of 2022 and has fallen steadily over the last 12 months.

The Central Bank forecast last month that it would average 2% for 2024 as a whole before slowing to 1.8% in 2025.

Meanwhile, Ireland’s core HICP rate, which excludes energy and unprocessed food, slowed to 2.6% in the year to April, the CSO added.

Article Source: Inflation rate slows to 1.6% in year to April – flash CSO reading

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