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Financial News: Ireland Inflation Remains Stale In July

Ireland Inflation Remains Stale In July

08/11/2022 - 07:24:00 (RTTNews)

(RTTNews) - Ireland's consumer price inflation held steady in July to remain at its highest level in just over thirty-eight years, data from the Central Statistics Office showed Thursday.

Consumer prices climbed 9.1 percent year-over-year in July, the same rate of increase as in June.

This was the strongest inflation rate since the second quarter of 1984, when prices had grown 9.7 percent, the statistical office said.

The overall inflation in July was largely driven by a 21.6 percent jump in utility costs. This was followed by a 19.4 percent surge in transport costs due to higher energy prices.

Prices for food and non-alcoholic beverages grew 7.7 percent and hotel and restaurant charges were 7.5 percent higher compared to last year.

The only divisions that showed an annual decrease in July were miscellaneous goods and services and education, the agency said.

On a monthly basis, consumer prices went up 0.4 percent in July, slower than the 1.3 percent gain in the prior month.

EU harmonized inflation also remained stable at 9.6 percent in July.

Month-on-month, the harmonized index of consumer prices increased 0.4 percent, following a 1.3 percent rise in the prior month.

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