Irish inflation accelerates to 3.4% in August as energy prices rise

Irish inflation accelerated in August, driven by a sharp rise in energy prices, preliminary figures from the Central Statistics Office showed on Monday.

Ireland’s harmonised index of consumer prices rose 3.4% in August from a year earlier, picking up from annual inflation of 3.1% in July.

On a monthly basis, consumer prices increased 0.6% in August.

Energy prices rose 4.3% from July and were 12% higher than a year earlier.

By contrast, food prices fell 0.2% on a monthly basis and edged up just 0.1% annually.

Services prices were unchanged from July but increased 3.7% from a year earlier, while non-energy industrial goods rose 1.0% on the month and 1.3% annually.

Excluding energy and unprocessed food, inflation stood at 2.6% annually in August, with prices rising 0.2% from July.

The HICP excluding energy, food, alcohol and tobacco increased 3.0% annually and 0.3% monthly.

The CSO noted that Ireland’s 3.1% annual HICP inflation rate in July compared with 2.9% for the eurozone.

Eurostat is due to publish its flash estimate for eurozone inflation in August on Tuesday, with final Irish HICP figures due alongside the country’s consumer price index data on September 10.

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