Irish inflation hits 38-year high of 9.6 per cent in June – Eurostat

Irish prices rose nearly 10 percent in June, well above the eurozone average, according to a flash estimate by the EU’s statistics agency.

Inflation here hit 9.6 percent compared to June 2021, the highest rate in almost four decades, driven by rising energy costs due to the war in Ukraine. It rose from 8.3 percent in May.

The last time consumer prices were higher was in June 1984, when quarterly inflation at the time reached 9.7 percent. The last time inflation was in double digits was in March 1984 when it reached 10.2 percent.

Irish energy costs are up 54 percent year-on-year, the Central Statistics Office said, and up 6.2 percent since May. The CSO is due to publish a full breakdown of Irish inflation on July 14th.

The CSO – which uses a slightly different basket to measure prices – estimates prices here rose 7.8 percent in May.

According to the EU’s harmonized calculations, today’s estimate puts Irish inflation almost a full point above the eurozone average.

Euro-zone inflation is expected to come in at 8.6 percent in June, Eurostat said, up from 8.1 percent in May, a new euro-era high.

Eurozone energy prices rose 42 percent for the month, while food, alcohol and tobacco prices rose 8.9 percent.

Manufactured goods rose 4.3 percent and prices for services rose 3.4 percent, Eurostat said.

Irish inflation was dwarfed by price increases of more than 20 per cent in Estonia and Lithuania. Double-digit price increases were also recorded in Latvia (19 percent), Slovakia (12.5 percent), Greece (12 percent), Slovenia (10.8 percent), Belgium (10.5 percent) and Spain (10 percent).

German inflation eased slightly to 8.2 percent in June thanks to government subsidies, as did Dutch inflation, which fell to 9.9 percent from 10.2 percent in May.

Data from the Central Statistics Office released this week showed that food prices in Ireland in 2021 were 17 per cent above the euro zone average, the second most expensive in the bloc of 19 and the third most expensive in the EU27.

Milk, cheese and eggs were 25 percent above the EU average, oils and fats by 22 percent and bread and cereals by 20 percent.

Ireland was the second most expensive country in the EU for alcohol, with prices twice the EU average, and the most expensive for tobacco.

Public Expenditure Secretary Michael McGrath told radio RTE today that this autumn’s budget will include “a very significant package of one-off measures”.

It comes after the Irish Independent reported that an electricity credit extension could cut household electricity bills by a further €200 next year.

The Irish Times said this week that the budget could be brought forward from mid-October to late September to offset rising prices. Irish inflation hits 38-year high of 9.6 per cent in June – Eurostat

Fry Electronics Team

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