Annual inflation slows for first time in 7 months – CSO
Annual inflation slowed for the first time in seven months in August, with prices up 8.7% compared to a 38-year high of 9.1% in the previous two months, new figures from the Central Statistics Office show.
Prices were 0.2% higher on a monthly basis, which was also the slowest level of growth since January.
The highest monthly rises were seen in health, with prices up 1.3% while and clothing and footwear was also 1.1% more expensive.
But gas and other fuel inflation eased to 1% in the month.
Energy companies have announced that they will impliment gas and electricity price increases of between 27% and 47% in the coming weeks, suggesting inflation may not yet have peaked.
The CSO noted today that prices have been rising on an annual basis since April 2021, with annual inflation of 5% or more recorded in each month since October.
The CSO noted that electricity costs were up by 38.1% on an annual basis in August, while the price of gas rose by 56.1% and home heating oil jumped by 72.9%.
Solid fuels also saw a price increase of 31.9% in the year to August.
Meanwhile, diesel prices increased by 34.6% while petrol was up 23.5%, the CSO said.
Cars were also more expensive last month, increasing by 11.3% while air fares rose by 34.2% compared to the same time last year.
Food inflation is now running at just over 9%, today’s CSO figures show.
But prices for motor and health insurance premiums fell in August as did education costs, the CSO added.