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Financial News: Ireland Inflation Accelerates Further In April

Ireland Inflation Accelerates Further In April

05/12/2022 - 11:03:00 (RTTNews)

(RTTNews) - Ireland's consumer price inflation accelerated further in April to remain at its highest level in almost twenty-two years as transport and utility costs surged amid higher energy prices.

Consumer prices climbed 7.0 percent year-on-year in April, faster than the 6.7 percent rise in March, data from the Central Statistics Office showed Thursday. Prices have been rising since April last year.

The latest inflation was the strongest since November 2000, when prices had grown the same 7.0 percent.

Among the divisions, transport prices grew the most, by 18.9 percent and prices for housing, water, electricity, gas and other fuels rose 17.1 percent.

Higher transport costs were largely driven by a jump in prices for both diesel and petrol, by 40.1 percent and 23.9 percent, respectively.

Prices for alcoholic beverages and tobacco increased 3.5 percent in April from a year ago.

Meanwhile, miscellaneous goods & services, education and health were the only divisions to show a decrease yearly in April.

On a monthly basis, consumer prices rose 0.9 percent, after a 1.9 percent increase in the prior month.

EU harmonized inflation rose to 7.3 percent in April from 6.9 percent in March.

Month-on-month, the harmonized index of consumer prices gained 0.9 percent, following a 2.1 percent increase in the prior month.

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