Irish inflation remains over 6% as majority of items impacted by continuous price hikes
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Irish inflation fell for the fourth consecutive month in June despite continued increases across the vast majority of consumer items.
New figures from the Central Statistics Office show that prices have continued on a sharp upward trajectory since April 2021, rising to 6.1% in the last month, which was down from 6.6% compared with May.
On an annual basis, all but two divisions saw additional price hikes, with just transport and education costs declining compared with June 2022. Falling by 6.3% annually, education saw the most substantial fall in price, with transport costs dropping by 1.7%.
In the twentieth straight month where the annual increase in inflation has been at least 5.0%, ten divisions including food, restaurants and clothing continued to see significant price hikes.
On a monthly basis, consumer prices in June rose by 0.8% which was primarily driven by increases in the recreation and culture sector. The sector recorded a 3.9% increase on the back of package holidays which soared by more than 43%, with transport prices in the month also rising by 2.5% amid the start of the busy summer season.
The divisions with the largest declines in the month were furnishings and household equipment, down 0.7% and miscellaneous goods and services which fell by 0.4%.
Annually, housing, water, gas and electricity rose by just under 16% following hikes in mortgage repayments, rent prices and energy hikes, followed by a more than 10% price rise in recreational activities during the holiday season.