Inflation in Ireland drops below 5%

Food prices still 10% more than a year ago

The measure of core inflation which excludes energy and food is 5.7% over the past year. Picture: Denis Minihane.

Inflation in Ireland has fallen below 5% for the first time in almost two years.

New data from the Central Statistic Office (CSO) shows prices have increased by 4.8% in the past 12 months, but rose by 0.8% compared to May.

This compares with an inflation figure of 5.4% in the 12 months to May and an annual increase of 6.1% in the for the Eurozone in the same period

The CSO said energy prices are estimated to have increased by 0.9% in the month but fell by 3.3% over the past 12 months. Food prices are estimated to have increased by 0.2% since May but have risen by 10.1% compared to June 2022.

At 4.8%, it is the first time the headline inflation figure for Ireland has fallen below 5% since September 2021. However the measure of core inflation which excludes energy and food is 5.7%.