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Irish inflation flat at 2.7 per cent

CSO monthly figures reveal Irish inflation rate at 2.7 per cent for three months in-a-row.

Summer sales led to cheaper clothes, shoes and furniture for Irish people in July, steadying the annual inflation rate despite rising mortgage costs.
Summer sales led to cheaper clothes, shoes and furniture for Irish people in July, steadying the annual inflation rate despite rising mortgage costs.

THE RATE OF inflation stayed the same in July, according to new data from the Central Statistics Office.

The consumer price index (CPI) was unchanged in the month, keeping annual inflation at 2.7 per cent, said the CSO.

The inflation rate has  remained steady at 2.7 per cent for three months in-a-row.

Earlier in the year, the annual rate of inflation had surged to 3.2 per cent as oil and commodity prices increased.

Comparing July with the previous month, the CSO noted significant prices increases in mortgage interest repayments. The cost of food and non-alcoholic drinks also jumped 0.7 per cent in the month.

These hikes, however, were offset by summer sales. There was a 3.6 per cent reduction in the cost of clothes and footwear, as well as a 0.7 per cent fall in the price of furniture and other household goods.

The EU Harmonised Index of Consumer Prices (HICP) decreased by 0.2 per cent in the month, compared to a decrease of 0.1 per cent recorded in July 2010.

The figures show that inflation in Ireland is ahead of the eurozone average of 2.5 per cent.

More: We’re paying more for food…again >

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