Irish inflation remains stable at 9.6 per cent in July – Eurostat

Irish consumer prices rose 9.6 per cent in the year to July – the same rate of increase as in June, according to a flash estimate by the EU’s statistics agency.

Eurozone inflation edged up 8.9 percent year-on-year in July, up from 8.6 percent in June.

Ten euro-zone countries posted double-digit inflation in July, including two of the bloc’s largest economies, Spain (10.8 percent) and the Netherlands (11.6 percent).

German prices rose 8.5 percent, slightly higher than in June, while France posted inflation of 6.8 percent.

Lithuania, Latvia and Estonia recorded inflation above 20 percent in July.

Eurozone energy prices rose 39.7 percent and have eased slightly since June.

Food, alcohol and tobacco prices rose 9.8 percent, almost a point higher than in June, with manufactured goods up 4.5 percent and services up 3.7 percent, both up slightly from the previous month.

Underlying inflation in the eurozone, excluding volatile food and energy prices, was 4 percent, double the European Central Bank’s target of 2 percent.

The ECB hiked interest rates this month to try to tame inflation, risking a hit to economic growth.

But the bloc’s economy has held steady, with euro-zone GDP growing 0.7 percent in the three months to June, while the EU grew 0.6 percent quarter-on-quarter, Eurostat said on Friday.

First quarter growth was 0.5 percent in the euro zone and 0.6 percent in the EU, mainly due to an unexpected increase in Irish GDP.

Data from this week’s Central Statistics Office shows that rising inflation in Ireland is hitting the elderly, single people and council renters hardest.

According to the study, rural households are also harder hit by price increases than households in cities.

Ireland’s consumer price index – which measures a slightly different basket of goods than the EU’s harmonized index – was 9.1 percent in June.

https://www.independent.ie/business/irish/irish-inflation-holds-steady-in-july-at-96pc-eurostat-41876480.html Irish inflation remains stable at 9.6 per cent in July – Eurostat

Fry Electronics Team

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