Irish inflation cools to 6.3% ahead of ECB hike

The Consumer Price Index was released ahead of another expected interest rate hike from the European Central Bank in an effort to drive down inflation. Picture Denis Minihane.

Annual consumer prices eased to 6.3% in April compared to 7.7% recorded in the previous month as inflation levels continue to cool. 

However, prices for goods and services in Ireland have risen by 6.3% in the 12 months to April, which is slightly higher than previous estimates of 7% by the Central Statistics Office.

The latest figures by the CSO showed food prices are estimated to have increased by 0.5% in the last month and are up by 12.8% in the last 12 months.

The Consumer Price Index was released ahead of another expected interest rate hike from the European Central Bank in an effort to drive down inflation.

ECB policymakers are converging on a 25 basis point hike next month, but are keeping another possible 50 basis point hike on the table, as annual inflation across the eurozone fell from 8.5% in February to 6.9% in March.