Inflation in the Irish economy fell to an 18-month low of 5.8 per cent in July as the cost of basic items such as clothing, and footwear fell back and the original energy price shock faded
Inflation in the Irish economy fell to an 18-month low of 5.8 per cent in July as thesuch as clothing and footwear fell back and the original energy price shock faded.
However, the underlying rate, which strips out volatile energy and food prices, remained stubbornly high at 6.6 per cent, keeping the squeeze on household budgets. The main driver behind this was higher mortgage interest costs, which were up almost 50 per cent on an annual basis, on the back of nine straight interest rate hikes by the European Central Bank , the most aggressive series of monetary tightening undertaken by the bank.
Core inflation was also driven by higher transport costs linked to higher air fares, which rose by 8 per cent month on month and by 14 per cent on annual basis.
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