Annual inflation rate climbs to 1.7%

Ireland’s inflation rate for June was 1.7% higher than Jun 2011, but 0.1% lower than in May 2012 and 0.2% lower than in April of this year. On a monthly basis prices were down 0.2%, according to figures released by the CSO.

The annual rate of inflation for services was 2.2% for the 12 months to June. Stripping out mortgage costs, the rate of inflation for services was 3.1% for the year. The cost of goods rose 1% over the year.

Over the past 12 months one of the biggest changes was a 9.4% increase in the costs of education, caused by a hike in third-level fees.