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Financial News: Ireland Inflation At 38-Year High

Ireland Inflation At 38-Year High

07/14/2022 - 07:49:00 (RTTNews)

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

Consumer prices climbed 9.1 percent year-over-year in June, faster than the 7.8 percent rise in May.

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

The recent upturn in inflation was largely driven by a 22.5 percent jump in utility costs. This was followed by a 20.4 percent surge in transport costs due to higher energy prices.

Prices for food and non-alcoholic beverages grew 6.7 percent and hotel and restaurant charges were 7.0 percent higher compared to last year.

The only divisions that showed an annual decrease in June were miscellaneous goods and services and education.

On a monthly basis, consumer prices increased 1.3 percent in June, after May's stable rate of increase of 0.9 percent.

EU harmonized inflation rose to 9.6 percent in June from 8.3 percent in the prior month.

Month-on-month, the harmonized index of consumer prices gained 1.3 percent, following a 1.1 percent increase in the prior month.

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