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Pace of inflation continued to ease in February – CSO

By March 15, 2024No Comments

The rate of inflation continued to ease last month, according to new data from the Central Statistics Office.

Consumer prices rose by 3.4% in the year to the end of February, compared to a rate of 4.1% in the year to the end of January.

The CSO said it was only the fourth time since September 2021 that the annual rate of price growth was below 5%.

Prices in recreation and culture saw the biggest year-on-year increases, up 7% in February.

Restaurant and hotel prices were 6.4% higher.

Meanwhile mortgage interest prices were up 27.7% in the year – reflecting the impact of the European Central Bank’s interest rate increases.

However energy prices – which had previously been the biggest contributor to price rises – were down 6.4% year-on-year, according to the CSO.

Utilities and local charges fell by 14.3%.

Other segments to see prices fall in the year included clothing and footwear, which saw price declines of 3.6%. The price of furnishings, household equipment and routine household maintenance also fell slightly.

Alongside the overall index, the CSO also published average prices for selected goods and services.

It shows that the price of a 2.5kg bag of potatoes rose by 42c in the year, while Irish cheddar was 22c more expensive per kilogram.

At the same time the price of a pound of butter fell by 11c, while two litres of full fat milk cost 9c less than in February 2023.

Article Source – Pace of inflation continued to ease in February – CSO – RTE

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