Ireland's inflation rate slows sharply with hope that peak has passed

The figure reflects slowdowns in Germany, France, Italy and Spain and was less than the 9.5% that economists had expected.

Prices in Ireland jumped 8.2% compared to December 2021, down from 9% in November. Picture Denis Minihane.

Ireland's inflation rate has fallen again dropping to 8.2% in December, a rate not seen since May of last year.

Combined with inflation drops in other countries it means euro-area inflation returned to single digits for the first time since August, fueling hopes that the bloc’s worst-ever spike in consumer prices has peaked.