Financial News: Ireland Inflation Eases To 7.2%, Lowest In 1

Ireland Inflation Eases To 7.2%, Lowest In 1 Year

(RTTNews) - Ireland's consumer price inflation in April slowed to the lowest level in a year, largely led by a fall in transport costs, data from the Central Statistics Office showed on Thursday.

The consumer price index climbed 7.2 percent year-over-year in April, slower than the 7.7 percent increase in March.

Further, this was the lowest inflation rate since April 2022, when prices had risen 7.0 percent.

EU harmonized inflation also moderated to 6.3 percent in April from 7.0 percent in the prior month.

Nonetheless, inflation is well above the European Central Bank's target of 2.0 percent and has remained higher than 5.0 percent for the nineteenth successive month.

The overall inflation in April was mainly attributed to a 20.7 percent surge in utility costs. Prices for food and non-alcoholic beverages logged a double-digit growth rate of 13.1 percent.

At the same time, transport costs dropped 2.3 percent from a year ago due to lower prices for diesel, petrol, passenger transport by bus and coach, and services in respect of personal transport equipment.

On a monthly basis, consumer prices increased 0.5 percent in April, following a 1.1 percent rise in March. The harmonized index of consumer prices moved up 0.3 percent versus a 0.9 percent gain in the preceding month.

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