Ireland: Harmonized inflation increases in August
Harmonized inflation came in at 4.9% in August, up from July’s 4.6%. Looking at the details of the release, housing and utilities prices rose at a quicker pace in August compared to the previous month, while price pressures for transportation remained weak.
The trend pointed down, with annual average harmonized inflation coming in at 6.9% in August (July: 7.3%). Meanwhile, consumer price inflation rose to 6.3% in August, from July’s 5.8%.
Lastly, harmonized consumer prices increased 0.51% in August over the previous month, accelerating from the 0.17% increase recorded in July.
Our panelists expect inflation to moderate through to the end of 2024. In line with the rest of the Euro area, the decline will be driven by the ECB’s recent rate hikes.