Ireland's inflation rate shows mixed signals with falling energy prices and rising food prices. While consumer prices rose 1.5% over the past year, they dipped 0.9% in December. The ECB lowered interest rates but warned of economic weakness amid rising consumer inflation expectations.
New data from the Harmonized Index of Consumer Prices (HICP) for Ireland reveals a mixed picture of inflation in the country. While consumer goods and services prices increased by 1.5 percent in the 12 months to January, they decreased by 0.9 percent since December. This contrasts with an inflation rate of 1 percent in Ireland during the 12 months to December and an annual growth rate of 2.4 percent for the euro zone in the same period.
The data shows that energy prices, estimated to have risen by 1.2 percent in the month, have decreased by 2.7 percent over the 12 months to January. Food prices are estimated to have fallen by 0.7 percent in the last month but have risen by 1.4 percent in the last 12 months. When energy and unprocessed food are excluded, inflation is estimated to have increased by 2 percent since January 2024.Meanwhile, the European Central Bank (ECB) recently lowered interest rates to 2.75 percent but warned that low consumer confidence is likely to weigh on the bloc's already sluggish economy. Adding to the complexity, consumer inflation expectations have risen for the third consecutive month, reaching 2.8 percent for the next 12 months. This exceeds the ECB's target of 2 percent for medium-term price increases. The latest figures reflect growing divergence from official forecasts and highlight the persistent challenges posed by inflation, impacting wage demands and consumer spending
INFLATION ENERGY PRICES FOOD PRICES IRELAND EUROPEAN CENTRAL BANK CONSUMER EXPECTATIONS
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