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Financial News: Ireland Inflation Highest Since 1984

Ireland Inflation Highest Since 1984

06/09/2022 - 10:04:00 (RTTNews)

(RTTNews) - Ireland's consumer price inflation accelerated for the fourth consecutive month in May to reach its highest level in almost thirty eight years, data from the Central Statistics Office showed Thursday.

Consumer prices climbed 7.8 percent year-over-year in May, faster than the 7.0 percent rise in April.

This was the strongest inflation rate since the third quarter of 1984, when prices had grown 7.9 percent, the statistical office said.

The recent upturn in inflation was largely driven by a 20.9 percent jump in utility costs.

Transport charges also registered a double-digit growth of 16.5 percent annually in May, due to higher energy prices.

Prices for food and non-alcoholic beverages grew 4.4 percent and hotel and restaurant charges were 5.9 percent higher compared to last year.

Miscellaneous goods and services and education were the only divisions to indicate an annual decrease in May.

On a monthly basis, consumer prices increased at a stable rate of 0.9 percent in May.

EU harmonized inflation rose to 8.3 percent in May from 7.3 percent in April.

Month-on-month, the harmonized index of consumer prices gained 1.1 percent, following a 0.9 percent increase in the prior month.

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