Annual inflation ticks up to 1% during December
Food The 12 Months To 7% In By December Increased 1 Prices
Prices in Ireland are estimated to have risen by 1% in the year to December — a slight increase compared to November, new data from the Central Statistics Office (CSO) shows.
In November, the average annual inflation rate for the eurozone was 2.2%, while Ireland’s rate during the month stood at 0.5%.
Prices in Ireland estimated to have risen by 1.0% in the 12 months to December 2024https://t.co/1NqAzXKTFI#CSOIreland #Ireland #FlashEstimates #Estimates #CPI #ConsumerPrices #Inflation #Deflation #Prices #BusinessStatistics #Business #BusinessNews #IrishBusiness pic.twitter.com/GV4VfKQ9y7
— Central Statistics Office Ireland (@CSOIreland) December 31, 2024
According to the EU Harmonised Index of Consumer Prices (HICP), which is used to compare inflation rates between member states, energy prices in Ireland fell by 4.6% in the last 12 months, while food prices increased by 1.7% in that time.
However, compared to November, energy prices increased by 0.7%, while food prices fell by 0.1%.
If energy and food prices are excluded, the HICP rate is estimated to have risen by 1.6% since December 2023.
Transport costs have increased by 4.4% month-on-month and risen by 1.7% in the 12 months to December.
Eurostat is set to publish flash estimates of inflation for the eurozone for December 2024 on January 7.
This latest flash estimate comes following a recent reduction in interest rates announced by the European Central Bank. Since June, the ECB has cut interest rates four times — each time by 0.25%.
It is expected the ECB will continue to cut rates into 2025 as inflation pressures continue to ease towards the bank’s medium-term target of 2%.
The Governing Council of the ECB is due to meet again at the end of January to decide whether another rate cut is warranted.