Irish consumer prices jump as eurozone inflation reignites ECB rate hike fears

Consumer prices across the eurozone climbed to 8.1% in May, reigniting the debate about whether the European Central Bank will be forced to hike interest rates this summer

Ireland’s annual inflation in May was estimated at 8.2%, up from 7.3% in the previous month.

Irish inflation climbed to over 8.2% in May and consumer prices across the eurozone rose by a record, reigniting the debate about whether the European Central Bank will be forced to hike interest rates this summer more aggressively than it apparently wants.

Consumer prices across the eurozone climbed to 8.1%, up from 7.4% in April, as energy and food costs due to the war in Ukraine contributed most to driving prices higher, according to the so-called flash or early estimate by Eurostat.