Financial News: Ireland Inflation Eases To 33-Month Low; Industrial Output

Ireland Inflation Eases To 33-Month Low; Industrial Output Recovers Sharply

05/09/2024 - 07:43:00 (RTTNews)

(RTTNews) - Ireland's consumer price inflation moderated to the lowest level in more than two-and-a-half years in April, data from the Central Statistics Office showed on Thursday.

Separate official data showed that industrial production expanded sharply in March after falling in the previous two months.

The consumer price index climbed 2.6 percent year-over-year in April, slower than the 2.9 percent rise in March.

Further, this was the weakest inflation since July 2021, when prices had risen 2.2 percent.

The annual price growth for food and non-alcoholic beverages slowed to 2.7 percent from 3.0 percent, and costs for recreation culture grew at a slower rate of 5.2 percent. On the other hand, clothing and footwear costs dropped by 6.7 percent.

EU-harmonised inflation also slowed somewhat to 1.6 percent in April from 1.7 percent in the prior month.

On a monthly basis, consumer prices moved up 0.2 percent in April, slower than the 0.5 percent rise in March. The HICP also showed an increase of 0.2 percent.

Irish industrial production surged 35.2 percent annually in March, in contrast to the 34.7 percent slump in the previous month.

Similarly, manufacturing output rebounded strongly by 35.6 percent from last year, versus a 37.5 percent decline a month ago.

On a monthly basis, production in manufacturing industries rose by 15.7 percent in March.

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