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Annual rate of inflation falls to 6.1% in June – CSO

By July 14, 2023No Comments

The annual rate of inflation stood at 6.1% in June, down from 6.6% in the 12 months to the end of May, new figures from the Central Statistics Office show.

However, the data also shows that consumer prices rose by 0.8% between May and June.

Core inflation, which excludes energy and unprocessed foods, rose to 7.1% in June from 6.8% a month earlier.

The biggest changes in prices on an annual basis were recorded in housing, water, electricity, gas and other fuels, where costs rose 15.7%.

Electricity prices were up 34.7% year-on-year, gas was 47.3% higher and mortgage interest repayments were up 46.4%.

The prices of goods and services in the areas of recreation and culture rose by 10.4%, with package holidays 43.2% more expensive that in June of last year.

The only areas where prices were lower compared to June of 2022 were education and transport.

The CSO said the biggest annual contributors to the rate of inflation over the year to the end of June were housing, water, electricity, gas and other fuels, as well as restaurants and hotels and food and non-alcoholic beverages.

It said June was the 21st month in a row where the annual growth in the cost of living has been at least 5%.

Today’s figures show that on a month-on-month basis, prices for recreation and culture rose 3.9% and transport climbed 2.5% between May and June.

Nationally, the average price of an 800g loaf of white sliced pan was up 11 cent in June compared to the same month a year ago.

An 800g loaf of brown sliced pan was up 8 cent, two litres of full fat milk was 28 cent more expensive and a pound of butter cost 29 cent more.

Article Source: Annual rate of inflation falls to 6.1% in June – CSO – Will Goodbody – RTE

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