Inflation slows to 1.1% in the year to August

By Gráinne Ní Aodha, PA

Inflation in Ireland has slowed to 1.1 per cent in the 12 months to July, according to new figures.

The EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have increased by 1.1 per cent in the 12 months to August and risen by 0.1 per cent between July and August.

This compares with 1.5 per cent in the 12 months to July and an annual increase of 2.6 per cent for the eurozone in the same period.

Energy prices are estimated to have fallen by 0.6 per cent in the month and decreased by 9.5 per cent over the 12 months to August, while food prices are estimated to have risen by 0.1 per cent in the last month and increased by two per cent in the last 12 months.

The index excluding energy and unprocessed food is estimated to have gone up by 2.3 per cent since August last year.

Transport costs have decreased by 0.9 per cent in the month and risen by 4.3 per cent in the 12 months to August.

Eurostat will publish flash estimates of inflation from the EU HICP for the eurozone for this month on August 30th.

The Central Statistics Office (CSO) also published figures on Thursday that indicated wholesale electricity prices increased by three per cent in the month to July and were 15.3 per cent higher than July last year.

They were 58.5 per cent lower than in July 2022.

Producer prices for food products dropped by 2.1 per cent in the 12 months to July 2024, while the Food Products, Beverages & Tobacco Index was down by 1.8 per cent.