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Inflation

Cost of consumer goods and services rises 5% since last year

The rate of inflation is still higher than it should be but less steep than previous periods.

CONSUMER PRICES IN Ireland have risen by an estimated 5% over the last year.

Data from the Harmonised Index of Consumer Prices published by the Central Statistics Office shows that prices for consumer goods and services in Ireland are estimated to have increased by 5% since September 2022.

The rate of inflation is still higher than the more standard 2% or 3% that economists tend to say countries should aim for, but less steep than previous periods.

This time last year, year-on-year inflation on consumer product stood at 8.6%. A few months earlier, in June 2022, prices had risen by 9.6% compared to the previous year.

The most recent update from the CSO shows that energy prices increased by 3.7% in the last month and by 9% since September 2022.

Food prices grew by just 0.4% in the last month but were up by 7.5% in the last 12 months.

Meanwhile, transport costs decreased by 1.2% in the month but rose 0.8% in since September 2022.

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