Ireland Inflation October 2022

Ireland

Ireland: Harmonized inflation rises in October

November 18, 2022

Harmonized inflation rose to 9.4% in October from September’s 8.6%. The reading was largely due to accelerating price pressures for housing and utilities. In addition, prices for food and non-alcoholic beverages increased at a faster rate.

The trend pointed up, with annual average harmonized inflation coming in at 7.6% in October (September: 7.2%). Meanwhile, consumer price inflation rose to 9.2% in October, from September’s 8.2%.

Finally, harmonized consumer prices rose 1.50% in October over the previous month, after September's flat result. October's result marked the highest reading since March.

The acceleration in October reflected utility firms’ decision to hike electricity and gas rates in the face of elevated wholesale prices. Electric Ireland, by far the largest utilities company in the country, announced in early September that it would hike prices in October, with other utility firms quickly following suit. The last time the firm had hiked prices was in August.

FocusEconomics analysts expect harmonized inflation to average 5.1% in 2023, which is up 0.9 percentage points from last month’s forecast, and 2.3% in 2024.


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Ireland Inflation October 2022

Note: Annual and monthly variation of harmonized index of consumer prices in %.
Source: Central Statistics Office (CSO) and FocusEconomics calculations.


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