Inflation slows to 8.9 percent in November, but food prices continue to rise

Prices rose 8.9 percent in November compared to the same month last year, driven by energy and food costs.

t marks a slowdown in price increases according to the Consumer Price Index (CPI), which rose 9.2 percent year-on-year in October.

It’s a signal that inflation may have peaked, with most forecasters predicting the figure will average just over 8 percent for the full year.

Price increases in the euro zone also slowed in November, according to the latest Eurostat data, giving consumers hope that internet tariff hikes will ease soon.

Experts, including the Governor of the Central Bank of Ireland, Gabriel Makhlouf, still expect an increase of at least 0.5 percent next week.

House and energy prices made up the bulk of the surge in Irish price hikes in November, rising 27.1 per cent. The number was slightly lower than in October.

Gas prices rose 88.7 percent year-on-year and electricity prices rose 63.5 percent.

Food prices are still accelerating, rising 11.2 percent, up half a point from the previous month.

Fresh whole milk is now 32.7 percent more expensive than last November, sugar prices are up 24.8 percent and butter is up 23 percent. Eggs and bread also saw double-digit price increases this year.

An 800g loaf of white cut pan is now 0.26 cents more expensive than last October, while two liters of whole milk are 0.43 euros more expensive. A pound of butter costs €0.60 more.

Education and miscellaneous goods and services – which can include everything from insurance premiums to jewelry and hairdressing – were the only items to fall in price compared to November 2021.

Monthly inflation is also rising, but has slowed significantly. Prices rose 0.3 percent between October and November this year, compared with 1.6 percent between September and October.

Clothing and footwear rose the most this month, followed by groceries, while the cost of alcohol, tobacco and education fell.

Eurostat estimates that Irish inflation was 9 per cent in November. The measure uses a slightly different basket of goods and weights than the CPI. Inflation slows to 8.9 percent in November, but food prices continue to rise

Fry Electronics Team

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