Ireland: Inflation jumps in February
March 10, 2011
In February, consumer prices added 0.9% over the previous month, contrasting a 0.2% decrease observed in January. According to the Central Statistics Office (CSO), the rise in consumer prices was led by higher prices for clothing and footwear, which were partially offset by falling costs of health services. Owing to the pronounced price increase, annual inflation stepped up from 1.7% in January to 2.2% in February, marking the highest inflation rate since December 2008. Simultaneously, annual HICP inflation (based on the harmonised index of consumer prices) jumped to 0.9% in February from 0.2% registered in January. According to the latest Quarterly Bulletin from January 2011, the Central Bank forecasts HICP inflation to reach 0.3% in 2011 and 0.5% in 2012.