Inflation slows to 1.1% in the year to August

Inflation in Ireland has slowed to 1.1% in the 12 months to July, according to new figures.

The EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have increased by 1.1% in the 12 months to August and risen by 0.1% between July and August.

This compares with 1.5% in the 12 months to July and an annual increase of 2.6% for the eurozone in the same period.

Energy prices are estimated to have fallen by 0.6% in the month and decreased by 9.5% over the 12 months to August, while food prices are estimated to have risen by 0.1% in the last month and increased by 2% in the last 12 months.

The index excluding energy and unprocessed food is estimated to have gone up by 2.3% since August last year.

Transport costs have decreased by 0.9% in the month and risen by 4.3% in the 12 months to August.

The Central Statistics Office (CSO) also published figures on Thursday that indicated wholesale electricity prices increased by 3% in the month to July and were 15.3% higher than July last year.

They were 58.5% lower than in July 2022.

Producer prices for food products dropped by 2.1% in the 12 months to July 2024, while the Food Products, Beverages & Tobacco Index was down by 1.8%.