People count more than numbers

NEWS

Inflation eases to three year low of 1.7% in August

New figures from the Central Statistics Office show that the annual rate of inflation eased to 1.7% in August from an annual rate of 2.2% in July.

The CSO said this is the first time since June 2021 that its official measure of annual inflation has been below 2%.

Today’s figures show that the most significant increases in the 12 months to August were seen in restaurants and hotels, with prices there rising by 4.5% due to more expensive drinks and food.

Miscellaneous goods and services, which includes the likes of hairdressing, jewellery, insurance and childcare, rose by 4.1%.

The prices of clothing and footwear dropped by 6.2% in August compared to the same time last year, while costs for housing, water, electricity, gas and other fuels eased by 1.9%.

On a monthly basis, the CSO said that consumer prices rose by 0.1% in the month, with the biggest price increases seen in the cost of clothing and footwear, which rose by 2.8% due a recovery from sales, while prices and restaurants and hotels rose by 0.5%.

Recreation and culture prices fell by 1.4% on a monthly basis in August, while transport costs dipped 0.8% on the back of lower airfares.

The CSO said that inflation, as measured by the Harmonised Index of Consumer Prices (HICP), which strips out mortgage interest costs, eased to 1.1% year-on-year, from 1.5%, in line with flash data from earlier this month.

Article Source – Inflation eases to three year low of 1.7% in August – RTE

Copyright and Related Rights Act, 2000

Share

    To book an initial free consultation with one of our professionals please complete the brief form below and one of our team will get back to you promptly. Alternatively, you can call us on (01) 645 2002.


    *indicates required field






    Learn more about our Privacy Policy