Irish inflation slows to 5.4% in May

Kenneth Fox

The EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have risen by 5.4 per cent in the 12 months to May 2023 and risen by 0.3 per cent since April 2023.

This compares with HICP inflation of 6.3 per cent in Ireland in the 12 months to April 2023 and an annual increase of 7.0 per cent in the HICP for the Eurozone in the same period.

Looking at the components of the HICP for Ireland in May 2023, energy prices are estimated to have decreased by 3.1 per cent in the month and increased by 1.9 per cent over the 12 months to May 2023

Food prices are estimated to have increased by 0.4 per cent in the last month and are up by 12.5 per cent in the last 12 months.

The HICP excluding energy and unprocessed food is estimated to have risen by 5.7 per cent since May 2022

Eurostat will publish flash estimates of inflation from the EU HICP for the Eurozone for May 2023 on June 1st, 2023.

Commenting on the data published on Wednesday, Anthony Dawson, statistician in the Prices Division, said: “The latest flash estimate of the Harmonised Index of Consumer Prices (HICP), compiled by the CSO, indicates that prices for consumer goods and services in Ireland are estimated to have increased by 5.4 per cent in the past year.

"Looking at the components of the flash HICP in Ireland for May 2023, energy prices are estimated to have decreased by 3.1 per cent in the month and increased by 1.9 per cent since May 2022. The HICP, excluding energy and unprocessed food prices is estimated to have risen by 5.7 per cent since May 2022.

"Food prices are estimated to have increased by 0.4 per cent in the last month and are up by 12.5 per cent in the last 12 months. Transport costs fell by 1.3 per cent in the month and are down by 1.4 per cent in the 12 months to May 2023."

Prices in Ireland estimated to have risen by 5.4% in the 12 months to May 2023https://t.co/l9IBTq9FOg#CSOIreland #Ireland #FlashEstimates #Estimates #CPI #ConsumerPrices #Inflation #Deflation #Prices #BusinessStatistics #Business #BusinessNews #IrishBusiness pic.twitter.com/2d2BZQx1jQ

— Central Statistics Office Ireland (@CSOIreland) May 31, 2023