Inflation in Ireland Remains Low, Driven by Energy Price Decline

Ireland continues to experience low inflation, with the latest figures showing a marginal increase of 0.1% in the 12 months to October, according to the Central Statistics Office (CSO).

This is a slight uptick from the 0% inflation recorded in the year to September.

Energy Prices Lead the Fluctuations

The main driver of this change is the ongoing fall in energy prices, which have decreased by 13.5% over the past year. However, energy prices actually saw a 0.3% rise in October.

Food Prices Rise However RemainModerate

While energy prices have fallen, food prices have shown a more consistent increase. Food prices are estimated to have risen by 0.4% in October and are up by 1.8% in the last 12 months.

Core Inflation Steady

When energy and unprocessed food are excluded from the calculations, the CSO reports that core inflation actually rose by 1.7% over the past year.

Ireland’s Inflation Position in Europe

The CSO publishes the flash estimate of the rise in the cost of living using the EU Harmonised Index of Consumer Prices (HICP). These figures show that Ireland had the lowest inflation rate among euro zone countries in September, at 1.7% compared to the euro zone average of 1.7%. Eurostat will release flash estimates of inflation for October tomorrow

Stay Informed on Economic Trends

Keeping abreast of economic trends is crucial for individuals and businesses alike. Stay tuned for the latest updates on inflation and economic indicators from reputable sources like the CSO and Eurostat.