Financial News: Ireland Inflation Rises To 8.5%

Ireland Inflation Rises To 8.5%

03/16/2023 - 09:01:00 (RTTNews)

(RTTNews) - Ireland's consumer price inflation accelerated for the first time in four months in February, largely led by higher costs for utilities and food, data from the Central Statistics Office showed on Thursday.

The consumer price index climbed 8.5 percent year-over-year in February, faster than the 7.8 percent increase in January.

EU harmonized inflation also rose to 8.1 percent in February from 7.5 percent in the prior month.

Inflation is well above the European Central Bank's target of 2.0 percent, and remained higher than 5.0 percent for the seventeenth successive month.

The upward trend inflation in February was mainly attributed to a 26.0 percent surge in utility costs, followed by food and non-alcoholic beverages with a 13.1 percent rise.

Meanwhile, education costs were 6.3 percent lower from a year ago, and prices for miscellaneous goods and services dropped marginally by 0.1 percent.

On a monthly basis, consumer prices increased 1.6 percent in February, reversing a 0.8 percent drop in January. The harmonized index of consumer prices moved up 1.5 percent versus a 1.0 percent fall in the preceding month.

Separate official data showed that the seasonally adjusted trade surplus of the country shrank to EUR 3.44 billion in January from EUR 5.04 billion in December.

Exports dropped 5.0 percent over the month, while imports advanced by 6.0 percent.

On an unadjusted basis, exports slid 4.0 percent year-over-year in January. At the same time, imports showed a sharp growth of 20.0 percent.

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