13.07.202312:59:00UTC+00Irish Inflation Eases To 6.1%, Lowest In 16 Months

Ireland's consumer price inflation moderated for the fourth straight month in June to the lowest level in nearly one-and-a-half years, largely due to lower transport costs, data from the Central Statistics Office showed on Thursday.

The consumer price index climbed 6.1 percent year-over-year in June, slower than the 6.6 percent increase in May.

Further, this was the lowest inflation rate since February 2022, when prices had risen 5.6 percent.

EU harmonized inflation also moderated to 4.8 percent in June from 5.4 percent in the prior month.

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

The overall inflation in May was mainly attributed to a 15.7 percent rise in utility costs, though slower than the 16.4 percent surge in the prior month.?

Prices for food and non-alcoholic beverages also logged a double-digit growth rate of 10.2 percent.

At the same time, transport costs dropped 4.1 percent from a year ago due to lower prices for diesel and petrol, services in respect of personal transport equipment, and passenger transport by bus and coach.

On a monthly basis, consumer prices increased 0.8 percent in June, following a 0.3 percent rise in May.?

The harmonized index of consumer prices also grew the same by 0.8 percent versus a 0.3 percent gain a month ago.