Consumer prices in Ireland rose by 0.5% in November compared to October, according to a flash estimate from the Central Statistics Office (CSO). This marks the highest monthly inflation rate in three months, up from just 0.1% in October.
The increase in consumer prices is a reversal from previous months when inflation had been falling sharply, bringing it among the lowest in the eurozone in October. For comparison, the average inflation rate across the eurozone was 2% year-on-year in October.
Energy prices in Ireland are estimated to have risen by 0.2% in November compared to the previous month. However, over the past year, energy costs have decreased significantly by 7.7%. Meanwhile, food prices saw a more modest increase, rising by 0.3% month-on-month and 1.7% year-on-year. Transport costs, on the other hand, fell by 0.8% from October and saw a 1.7% decrease compared to the same time last year.
The CSO’s flash estimate is based on the EU Harmonised Index of Consumer Prices (HICP), which tracks inflation in the eurozone. These figures provide an early indication of how consumer prices are evolving in Ireland, with the full breakdown expected in future reports. Eurostat, the EU’s statistical office, is set to release its official flash estimate for inflation across the eurozone on Thursday.
The CSO’s report highlights that, despite the overall uptick in prices in November, certain sectors, like energy, are still experiencing declines when compared to the previous year. However, the rise in food and transport costs signals ongoing inflationary pressures, especially as the year comes to a close.
While the monthly increase in inflation suggests some rebound in consumer prices, Ireland’s inflation rate remains relatively low within the broader eurozone context. Analysts will be closely watching Eurostat’s upcoming report for further insights into regional inflation trends, as countries across Europe grapple with varying economic pressures.