Prices for consumer goods and services in Ireland rose by 2.2% between June 2023 and June 2024, down from an annual increase of 2.6% in the 12 months to May 2024, according to the Central Statistics Office (CSO).
This is the eighth time since September 2021 that the annual growth in the Consumer Price Index (CPI) was below 5%.
It is also the eighth consecutive month where the inflation rate was lower than 5%.
Excluding energy and unprocessed food, the CPI increased by 3.1% in the 12 months to June 2024.
The greatest increases in the past 12 months were in transport (+4.9%) and restaurants and hotels (+4.4%).
Consumer prices grew by 0.4% between May and June 2024, with the largest growth taking place in recreation and culture (+2.5%) and transport (+0.8%).
The CSO also published national average prices as part of the CPI, showing a drop in price for essentials such as a loaf of sliced white pan (-5c) and spaghetti (-2c).
There was also a decrease for dairy products, such as two litres of full fat milk (-4c), Irish cheddar cheese per kg (-13c) and butter per pound (-2c).
A 2.5kg bag of potatoes saw an increase of 70c in average price, likely due to scarce stock and issues with the planting and harvesting season in Ireland.
Anthony Dawson
Speaking about the latest CPI, Anthony Dawson, statistician in the Prices Division said, “Today’s publication of the Consumer Price Index (CPI) shows that prices for consumer goods and services in June 2024 rose by 2.2% on average when compared with June 2023.
“This is the eighth time since September 2021 that the annual growth in the CPI was below 5%.
“It is also the eighth consecutive month where inflation was lower than 5%.
“The most significant rises in the 12 months to June 2024 were seen in Transport (+4.9%) and Restaurants & Hotels (+4.4%).
“The annual change in Transport costs reflects increases in prices for diesel (+12.8%) and petrol (+9.3%).
“Clothing & Footwear (-6.7%) and Furnishings, Household Equipment & Routine Household Maintenance (-1.1%) were the only divisions to show a decrease when compared with June 2023.”
Dawson concluded, “Consumer prices in June 2024 rose by 0.4% in the month.”
Read More: Consumer Prices Rose By 2.6% In The 12 Months To May – CSO
