Inflation hits 10% in the euro area but the pace is slowing in Ireland

Inflation across the euro zone reached 10 percent for the first time in September, a development likely to put pressure on the European Central Bank to raise interest rates further.

In Ireland, the pace of price increases has slowed, according to the latest estimates from the European Union’s statistics agency, Eurostate.

In September, Irish consumer prices rose 8.6 percent, compared with 9 percent in August and 9.6 percent in June and July. The experience of higher prices varies widely across Europe – from 24.2 percent annualized inflation in Estonia to 6.2 percent in France.

But the euro-zone figures will be the main factor in determining the size of the ECB’s next rate hike, which is expected to take place in October as the bank, led by President Christine Lagarde, tries to cope with the rise in prices.

Consumer prices across the euro area rose 10 percent in September from a year earlier, data from Eurostat on Friday showed that energy prices were by far the biggest driver, followed at a distance by food.

Even an underlying metric that excludes energy and groceries hit an all-time high of 4.8 percent.

https://www.independent.ie/business/irish/inflation-hits-10pc-in-the-euro-area-but-pace-in-ireland-moderates-42029149.html Inflation hits 10% in the euro area but the pace is slowing in Ireland

Fry Electronics Team

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