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Financial News: Irish Inflation Climbs To 4.6%

Irish Inflation Climbs To 4.6%

01/16/2024 - 06:43:00 (RTTNews)

(RTTNews) - Ireland's consumer price inflation accelerated in December after easing in the previous two months, data from the Central Statistics Office showed on Tuesday.

The consumer price index climbed 4.6 percent year-over-year in December, faster than November's 25-month low of 3.9 percent.

EU-harmonised inflation also rose to 3.2 percent in December from 2.5 percent in the prior month. That was in line with the flash data published earlier.

Moreover, inflation is well above the European Central Bank's target of 2.0 percent.

The overall inflation in December was mainly attributed to a 10.1 percent surge in the division of recreation and culture.

Prices for food and non-alcoholic beverages alone grew 5.6 percent, and utility costs were 5.2 percent higher.

On a monthly basis, consumer prices climbed 0.5 percent in December, in contrast to a 0.8 percent fall in November. The HICP also showed a rebound of 0.4 percent.

The annual average rate of inflation in 2023 was 6.3 percent, compared to 7.8 percent in 2022.

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