Inflation continues to slow, with marginal monthly decline in prices

Consumer prices fell by 0.8 per cent in the month to November
Inflation continues to slow, with marginal monthly decline in prices

Muireann Duffy

The annual rate of inflation was 3.9 per cent in the year to November, according to the latest figures from the Central Statistics Office (CSO), falling from the annual rate of 5.1 per cent noted in the year to October.

The updated Consumer Price Index, used to measure inflation from one period to the next, showed November was the first month since September 2021 in which the annual rate of CPI growth was below 5 per cent.

The data showed consumers prices fell slightly in November, decreasing by 0.8 per cent from October.

A graph showing a decline in the annual rate of inflation each month using the Consumer Price Index (CPI) and Harmonised Consumer Price Index (HCPI). Photo: CSO

However, when energy and unprocessed food were taken out of consideration, the annual rate of inflation in November was 5.6 per cent.

The sectors which saw the largest price increases during the 12 months to November were Recreation & Culture (up 7.7 per cent), Restaurants & Hotels (up 7 per cent), and Food & Non-Alcoholic Beverages (up 6.7 per cent).

In contrast, the Housing, Water, Electricity, Gas & Other Fuels, and Recreation & Culture sectors noted the largest price declines, falling 2 per cent and 1.8 per cent respectively over the same period.

The cost decreases seen in the Housing, Water, Electricity, Gas & Other Fuels sector are likely on account of price reductions being announced by energy suppliers following reductions in wholesale energy prices.

more CSO articles

Government records surplus of €22.6 billion (4% of GDP) in 2024 Government records surplus of €22.6 billion (4% of GDP) in 2024
Visitors to Ireland spent €744m while on their trips last month Visitors to Ireland spent €744m while on their trips last month
Average income of home buyers in 2024 over €84,000 Average income of home buyers in 2024 over €84,000

More in this section

Coronavirus Sees Dublin's St Patrick's Parade Cancelled Petition to establish Academy of Fine Arts in the GPO nears signature goal
Man Buying Drugs On The Street 'Unprecedented rise' in demand for addiction treatment, report shows
Former Garda jailed for inciting rape of colleague to admit leaking data on 14 individuals Former Garda jailed for inciting rape of colleague to admit leaking data on 14 individuals

Sponsored Content

Every stone tells a story Every stone tells a story
Absolute Property – Over a quarter century of property expertise Absolute Property – Over a quarter century of property expertise
Stay Radisson: Stay Sligo, Limerick, Athlone and Cork Stay Radisson: Stay Sligo, Limerick, Athlone and Cork
Contact Us Cookie Policy Privacy Policy Terms and Conditions

© Examiner Echo Group Limited

Add Echolive.ie to your home screen - easy access to Cork news, views, sport and more