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Financial News: Ireland Inflation Slows Further To 8.2%

Ireland Inflation Slows Further To 8.2%

01/17/2023 - 07:51:00 (RTTNews)

(RTTNews) - Consumer price inflation in Ireland fell for the second month in a row in December, primarily due to a reduction in utility costs and a decrease in transportation costs, according to data released on Tuesday by the Central Statistics Office.

The consumer price index climbed 8.2 percent year-over-year in December, following an 8.9 percent increase in November.

The overall inflation in December was largely driven by a 25.9 percent rise in utility costs, but slower than November's 27.1 percent surge.

Prices of food and non-alcoholic beverages also logged a double-digit growth of 11.7 percent.

At the same time, the divisions with the largest decreases in the month were transport, falling by 2.6 percent due to lower prices for petrol and diesel.

On a monthly basis, consumer prices dropped 0.2 percent in December, reversing a 0.3 percent gain in the prior month. It was the first decline in eleven months.

EU harmonized inflation moderated to 8.2 percent in December from 9.0 percent in November.

Month-on-month, the harmonized index of consumer prices decreased 0.3 percent versus a 0.2 percent increase in the preceding month.

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