Annual rate of inflation falls slightly in July – CSO

The annual rate of inflation stood at 5.8% in July, down from 6.1% in the 12 months to the end of June, new figures from the Central Statistics Office show.

However, the cost of goods and services rose by 0.2% in July when compared with June, according to the Consumer Price Index.

The CSO noted 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 2021.

The CSO said July’s figure is the 22nd straight month where the annual increase in the CPI has been at least 5%.

Core inflation, which strips out the impact of the volatile elements of energy and unprocessed food increased by 6.6% in the 12 months to July, down from 7.1% a month earlier.

The most significant rises in the year were seen in Housing, Water, Electricity, Gas & Other Fuels, which was up 16.5% and Recreation & Culture, which rose by 13.9%.

The cost of electricity increased by almost 32% and gas prices rose by more than 45%, while mortgage interest repayments jumped by 49%.

The average cost of a package holiday rose by 64% compared with July 2022.

Education (-6.3%) and Transport (-4.5%) were the only divisions to show a decrease when compared with July 2022.

Article Source: Annual rate of inflation falls slightly in July – CSO – RTE

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