Consumer prices flat in May
Consumer prices were unchanged in the month of May with increases to the costs of alcohol and tobacco offset by a reduction in petrol and diesel prices, according to data released today.
The Central Statistics Office’s Consumer Price Index shows, however, that prices were on average 1.8 per cent higher in May than in the same month last year.
A steep rise in the cost of education (up 9.4 per cent) and a spike in the price of transport (up 5 per cent) contributed to the annual increase, the CSO said.
On a yearly basis, prices for alcohol and tobacco have increased by 4.2 per cent and miscellaneous goods and services by 4.1 per cent, driven by rising health insurance charges.
The prices of household furnishings, maintenance and equipment fell by 2.7 per cent in the year to last month, with recreation and culture costs down 1.7 per cent and communications prices falling by 0.9 per cent in the same period.
The rate of inflation for services was 2.2 per cent in the year to May, with the rate for goods increasing more slowly (by 1.3 per cent) in the same period.
When tobacco is excluded, the price index for May remained unchanged in the month and was up by 1.6 per cent over the year. Less energy products, the index remained unchanged in May and increased by 0.9 per cent in the year.
The index was flat in the month and up 2.1 per cent for the year when mortgage interest was excluded.
The Harmonised EU Index of Consumer Prices was unchanged in May but has increased by 1.9 per cent over the last 12 months.
Education costs across Europe increased at the same rate as in Ireland (up 9.4 per cent) with the cost of housing rising by 5.7 per cent, transport up 4.5 per cent and alcohol and tobacco up 4.2 per cent.