Inflation remained static in July with consumer prices rising by just over 2 per cent, according to latest Central Statistics Office (CSO) data.
The consumer price index over the year to July 2024 was 2.2 per cent, matching the previous month and showing a continued slowing of price growth in the Irish economy.
However, energy price cuts were doing some of the work. Excluding energy and unprocessed food, the consumer price index saw 3.1 per cent growth.
The largest increases were seen in transport, where prices rose 5.5 per cent on the back of increased fuel costs, and restaurants and hotels, which gained 4.3 per cent as the price of alcoholic drinks and food consumed in licensed premises and restaurants rose.
Year on year there were declines in clothing and footwear, which fell by 4.9 per cent as sales dragged prices lower, and furnishing and household maintenance, which saw prices fall 1 per cent.
On a monthly basis, consumer prices rose 0.2 per cent compared with June, driven by a 3 per cent rise in the cost of recreation and culture as package holiday costs increased, and a near 2 per cent hike in transport costs. That was offset by the 6.2 per cent decline in clothing and footwear, and a small decline in the miscellaneous goods and services sector.
The European Union harmonised index of consumer prices (HICP) rose by 1.5 per cent compared with the prior year, with transport, restaurants and hotels, and alcohol and tobacco rising. Sales pushed clothing and footwear almost 5 per cent lower, while housing, water and energy costs fell 3.5 per cent. Month on month, the HICP rose 0.2 per cent.
The HICP does not include items such as mortgage repayments and building materials prices, which have increased sharply in recent times and can make up a significant part of household costs every month.
The CSO also measures national average prices for certain goods. The national average price for a large white sliced pan fell three cents in the year to July 2024, while a brown sliced pan was down two cents in the year.
Milk prices also fell, with two litres of full-fat milk down one cent in the year. Butter rose three cents per pound, while the average price of Irish cheddar increased by 10 cents per kilogram, and 2.5kg of potatoes rose 66 cent.
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