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Inflation rate slows to 2.6% in April from 2.9% in March – CSO

By May 10, 2024No Comments

Inflation in Ireland rose by 2.6% in the 12 months to April, according to the latest figures from the Central Statistics Office, down from the rate of 2.9% the previous month.

However when energy and unprocessed foods are excluded, the inflation rate stood at 3.5%.

The difference reflects the fact that consumers have benefitted from significant drops in domestic energy prices during the period measured.

For two years energy prices have played a major role in pushing inflation to record levels but today’s latest figures from the CSO show energy cost reductions are now having a significant impact on falling inflation.

In the 12 months to April, electricity prices fell by 22%, while gas prices were down 19% – both contributing significantly to the lower overall inflation rate of 2.6% for April.

Those energy decreases offset increases in other areas, including the cost of rents, which rose by 6%, while petrol and diesel prices rose by 10-12% and package holidays were up 17%.

The CSO said this is the sixth time since September 2021 that the annual growth in the consumer price index was below 5%, while April also marked the sixth consecutive month where the inflation rate was lower than 5%.

Today’s CSO figures show that the areas where inflation was highest in the 12 months to April include Recreation and Culture, with prices in the sector up by 5.2%, while restaurants and hotels prices rose by 4.8% and alcoholic beverages and tobacco prices were up 4.7%.

Meanwhile, the cost of food and non alcoholic beverages were up by 2.7% in April, but within that division milk, butter and cheese prices all declined compared to a year previously.

Costs for clothing and footwear fell 6.7% in the year, while household goods and furnishings were down .08%.

Today’s figures also show the cost of air transport dropped 5.3% in the 12-month period, but package holidays were up nearly 17%.

Article Source: Inflation rate slows to 2.6% in April from 2.9% in March – CSO

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