Economic Indicators

Irish inflation ticks back up to 8% in February – flash estimate


FILE PHOTO: People wear protective face masks while out for Christmas shopping, amid the spread of the coronavirus disease (COVID-19) pandemic, in Dublin, Ireland, December 17, 2021. REUTERS/Clodagh Kilcoyne

DUBLIN (Reuters) – Annual Irish inflation ticked back up to 8% in February from 7.5% a month earlier, according to a flash estimate of the EU’s Harmonised Index of Consumer Prices (HICP), Ireland’s Central Statistics Office (CSO) said on Wednesday.

Consumer prices were 1.4% higher month-on-month, the CSO added, after food prices rose by an estimated 1.2% and energy prices fell by 0.2% on a monthly basis.

Excluding energy, the HICP is estimated to have grown by 5.8% since February 2022, the CSO said.

Finance Minister Michael McGrath said last week that he expected Irish inflation to average between 4% and 5% across 2023, lower than the 7.1% his department most recently forecast last September.

Eurostat will publish flash estimates of inflation for the euro zone as a whole on Thursday.

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