Annual inflation falls to 5% in May

Ireland's inflation rate eased slightly in May to 5 per cent from the 5

Ireland's inflation rate eased slightly in May to 5 per cent from the 5.1 per cent recorded the previous month, according to the latest data from the Central Statistics Office (CSO).

The report noted that the consumer price index - which records movement in the cost of specified consumer goods and services - rose by 0.4 per cent last month.

According to the CSO, the cost of housing, water, electricity, gas and other fuels rose by 22.6 per cent. The cost of alcohol and tobacco products have risen by 5.4 per cent over the past 12 months and restaurant and hotel costs have risen by 4.9 per cent.

Education costs have increased by 4.8 per cent, and health cost increases are below inflation at 2.8 per cent. Services inflation was 9.1 per cent, while overall goods inflation was 0.3 per cent.

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The CPI excluding tobacco index for May was up 0.4 per cent in the month and up 4.7 per cent in the year.

When energy products are excluded, the CPI index was up 0.2 per cent since April and increased by 5.1 per cent in the year.

If mortgage interest increases are excluded, the CPI has increased by 0.4 per cent in the month and rose by 2.6 per cent in the year.