Irish annual inflation cools to 6.3% but price gains in France and Spain may spook ECB ahead of hike

Shoppers witnessed a 0.5% increase in food prices this month and an annual increase of 13%

The European economy is doing better than expected even if core inflation is taking longer to slow, EU Economy Commissioner Paolo Gentiloni said. Picture: AP /Michael Probst

The pace of annual Irish inflation cooled to 6.3% in April, but both France and Spain recorded consumer-price gains which may spook the European Central Bank ahead of its planned monetary policy meeting in May when it will hike interest rates again.

Latest figures from the Central Statistics Office showed energy prices, which have been a menace for Irish households since Russia invaded Ukraine and put pressure on the market, decreased 1.3% in the month but climbed 12.1% since last year.