Prices in Ireland rose by 9.6% in the year, new figures show

Prices in Ireland rose by 9.6% in the year to July 2022, according to figures in the EU Harmonised Index of Consumer Prices (HICP).

Ireland’s rise in inflation compares to an annual increase of 8.9% in the Eurozone, in figures compiled by the Central Statistics Office (CSO).

Annual estimates of inflation for eight of the 19 Eurozone countries published today were lower than the estimate of 9.6% for Ireland while 10 countries had a higher rate.

Estonia had the highest estimated rate of annual inflation in July 2022 at 22.7%, while Malta had the lowest at 6.5%.

Looking at the components of the flash HICP for Ireland in July 2022, energy is estimated to be down by 1.6% in the month and up by 50.4% since July 2021.

Euro annual inflation is expected to be 8.9% for July, up from 8.6% in June, the figures also show.

Anthony Dawson, statistician in the prices division, said: “The latest flash estimate of the Harmonised Index of Consumer Prices (HICP), compiled by the CSO, indicates that prices for consumer goods and services in Ireland are estimated to have increased by 9.6% in the past year.

“The corresponding rate for the Eurozone published by Eurostat today was 8.9%.

“These flash estimates are subject to revision when the final HICP results are published next month.

“For the Eurozone overall, energy prices were up by 0.4% in the month and up by 39.7% on an annual basis.”