Inflation continues to creep up but energy prices fall back in April

The annual rate of inflation for consumer prices increased to 7.3 per cent this month, up from 6.9 per cent in March, according to figures compiled by the Central Statistics Office (CSO).

Figures released on Friday by the European statistics agency, Eurostat, show Ireland's annual inflation rate is just below the Euro zone average of 7.5 per cent. Five Euro zone countries, including Malta, with the lowest rate at 4.9 per cent, France, Italy, Portugal and Austria has rates lower than Ireland's.

Rates

There were 13 Euro zone states with rates higher than Ireland’s, including the Netherlands at 11.2 per cent and Belgium at 9.3 per cent. Estonia had the highest rate at 19 per cent. European states located in the east of Europe, closer to the conflict between Ukraine and Russia, tended towards higher rates, with Latvia, Lithuania and Slovakia all in double figures in percentage terms.

Ireland’s 7.3 per cent rate, as measured by the harmonised consumer price index, compares to a rate of just 1.1 per cent this time a year ago. It was below 6 per cent as recently as February this year.

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Energy inflation, which has driven much of the surge in prices across Europe, actually fell back by 1.7 per cent this month but Irish energy prices are still almost 39.1 per cent ahead of where they were a year ago.