Latest official figures, however, show wide variety in rate of price growth between sectors
The latest Irish inflation figures compare to a euro area inflation rate of 1.7 per cent for September, down from 2.2 per cent in August. The faster-than-expected softening of inflation across the bloc prompted Frankfurt to trim its key deposit rate by 25 basis points to 3.25 per cent last month. Photograph: Niall Carson/PA Wire
The Central Statistics Office data indicate household electricity prices have fallen 16.2 per cent in the 12 months to the end of October while natural gas prices were down almost 19 per cent.Innovation Awards finalist: Bean Around - making sustainable skincare products from coffee grounds The annual change in alcoholic beverages and tobacco costs reflects higher prices for tobacco products, which increased due to tax changes announced in the budget.The largest annual price declines were in clothing and footwear and transport .
“At 10.9 per cent, motor insurance premiums have risen at 15 times the rate of inflation and furthermore, the rate of inflation is well above average for restaurants, cinemas and package holidays. There are many people who simply can’t afford to eat out in a restaurant today – or certainly not as regularly as before the runaway inflation of recent years set in,” Mr Walsh said.
European Central Bank president Christine Lagarde claimed the bank was “breaking the neck of inflation” while markets expect the ECB to cut rates at every meeting between now and next March in a bid to stave off a noticeable slowdown in activity across Europe.
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