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Annual inflation rate slows to 6.6% in May from 7.2%

By June 9, 2023No Comments

The annual rate of inflation slowed to 6.6% in May, compared to 7.2% in April, new figures from the Central Statistics Office show today.

The rate of goods inflation has slowed to 2.9% while the price of services has risen to 9.5%.

The pace of inflation across the economy is gradually slowing down but prices are still going up. Prices rose by 0.3% in May, bringing the annual rate to 6.6%, the CSO said today.

Core inflation, which strips out energy and food, actually nudged higher than the headline rate for the first time to record an annual rate of 6.8%.

The effect of last year’s steep increases in energy prices is beginning to fade, although domestic electricity and gas prices have not come down.

However, the price of other fuels like home heating oil have come down. Petrol and diesel have also fallen in price.

However, the prices of some services have gone up. Hotel prices took a big jump of 7.5% last month as did the price of alcohol.

Package holidays also rose by just under 5% last month and are just over 18% higher than last year. Flights are a third more expensive than last year.

The price of some food products did show marginal falls last month bringing overall food inflation down to an annual rate of 12.6%.

National Average Prices for May, also published today, show the leap prices for food products have taken over the past year.

They show the national average price of a large white sliced pan was up 18 cent to €1.68 compared to May last year. A brown sliced pan was up 17 cent compared to last year.

Two litres of full fat milk was up 35 cents to €2.22 while Irish cheddar per kg was €1.45 higher at €10.55. Butter per pound was 40 cent higher at €3.76.

The national average price of a pint of stout was €5.50 in May, up 37 cent compared to last year. A pint of lager was €5.97, up 45 cent over the same time.

Article Source – Annual inflation rate slows to 6.6% in May from 7.2% – RTE

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