EU revises Irish inflation to 9 percent in August

The EU statistics agency has slightly revised Irish inflation upwards to 9 per cent in August compared to August 2021.

After a flash estimate last month, Eurostat said prices rose 8.9 percent year-on-year.

However, it is one of the lowest inflation rates in the EU.

Average prices in the 27-member zone rose 10.1 percent in August, Eurostat said on Friday.

Inflation in the 19-nation euro zone was 9.1 percent, driven by price increases across all products and services.

While energy made up the bulk of the rise, rising nearly 40 percent, food prices in the euro zone are now rising in double digits, rising 10.2 percent in August.

Food inflation was 8.8 percent in Ireland in August.

Headline inflation was in double digits in August in 15 countries, including Belgium (10.5 percent), Spain (10.5 percent), the Netherlands (13.7 percent), Poland (14.8 percent) and Hungary (18.6 percent). ).

It was over 20 percent in Estonia (25.2 percent), Latvia (21.4 percent) and Lithuania (21.1 percent).

The Central Statistics Office, which uses a slightly different basket than the EU, says Irish prices rose 8.7 percent in the year to August, down from 9.1 percent in June and July.

The slowdown was due to a slight drop in gasoline and diesel prices over the summer.

However, most experts believe that inflation here could reach double digits before the end of the year if the announced energy increases take effect.

The European Central Bank has started raising interest rates to offset rising prices, raising its main lending rates by a record 0.75 percent last week.

ECB chief economist and former central bank governor Philip Lane this week suggested that future rate hikes may not be as sharp the closer the bank gets to its ‘terminal rate’ – the end point of its trajectory.

Markets currently expect interest rates to be around 2.25 percent, but that could go up or down depending on inflation.

The bank’s interest rate is now 1.25 percent following its recent hike.

https://www.independent.ie/business/irish/eu-revises-irish-inflation-up-to-9pc-in-august-41994016.html EU revises Irish inflation to 9 percent in August

Fry Electronics Team

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