Irish annual pace of inflation drops to 7% as energy prices ease

Food prices are estimated to have increased by 1.1% in the last month and by 13.5% year-on-year

Month-on-month inflation increases come despite two recent ECB rate hikes which saw its main refinancing rate increase by a combined 100 basis points since February this year.

The annual pace of Irish inflation has dropped to 7% on the back of falling energy prices.

Newly released figures from the CSO's harmonised index of consumer prices show a month-on-month price increase of 0.9% since February 2023, despite an easing of energy prices by just under 1%.