2023.06.0811:57:00UTC+00Ireland's Inflation Eases To 6.6%, Lowest In 15 Months

Ireland's consumer price inflation eased for the third straight month in May to the lowest level in more than a year on the back of lower transport and energy costs, data from the Central Statistics Office showed on Thursday.

The consumer price index climbed 6.6 percent year-over-year in May, slower than the 7.2 percent increase in April.

Further, this was the lowest inflation rate since February 2022, when prices had risen 5.6 percent.

EU harmonized inflation also moderated to 5.4 percent in May from 6.3 percent in the prior month.

Nonetheless, inflation is well above the European Central Bank's target of 2.0 percent.

The overall inflation in May was mainly attributed to a 16.4 percent surge in utility costs. Prices for food and non-alcoholic beverages logged a double-digit growth rate of 12.7 percent.

At the same time, transport costs dropped 1.7 percent from a year ago due to lower prices for diesel, petrol, and services in respect of personal transport equipment and passenger transport by bus and coach.

On a monthly basis, consumer prices increased 0.3 percent in May, following a 0.5 percent rise in April. The harmonized index of consumer prices also rose at a stable rate of 0.3 percent.