Consumer prices for goods and services rose by 2.6% over the 12 months to May, according to the Central Statistics Office (CSO).
The latest data came from the Consumer Price Index (CPI), which found that the 2.6% increase is the same level of inflation recorded in April 2024.
May 2024 marks the seventh time since September 2021 that the annual growth in the CPI has been below 5%.
It is also the seventh consecutive month wherein the inflation rate was below 5%.
Excluding energy and unprocessed food, the CPI went up by 3.5% in the 12 months to May 2024.
Consumer prices grew by 0.5% in the month between April and May 2024.
The only areas to record a decline last month were Household Equipment & Routine Household Maintenance (-0.2%) and Alcoholic Beverages & Tobacco (-0.1%).
The latter decline is largely due to lower prices for wine sold in supermarkets and off-licences.
The divisions that showed the greatest growth were Restaurants & Hotels (+1.5%) and Transport (+1.4%).
National average prices were also compiled by the CPI, with the cost of essentials changing in May.
Anthony Dawson, a statistician in the prices division, said, “There were price increases in May 2024 for a 2.5-kilogram bag of potatoes – +59c – and Irish Cheddar cheese per kilogram – +5c – while there were decreases in the price of an 800g loaf of white sliced pan – -6c – a pound of butter – -5c – and two litres of full-fat milk – -3c – when compared with May 2023.”
The rising price of potatoes is due to poor weather conditions impacting planting and harvesting, putting a strain on a product already in high demand.
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