Analysts had been pencislling in another drop in the rate of price growth via IrishTimesBiz
Energy prices, meanwhile, are estimated to have decreased by 0.2 per cent in the month but were up 29.2 per cent since February 2022. The HICP index excluding energy is estimated to have grown by 5.8 per cent since February last year.
The EU’s statistical agency Eurostat will publish a flash estimate of inflation for the euro area as a whole on Thursday in advance of another expected European Central Bank interest rate hike later this month. The latest estimate of Irish inflation comes amid forecasts from the Minister for Finance Michael McGrath and employers’ group Ibec that inflation will this year fall more rapidly than anticipated.
Ibec is now forecasting inflation to drop below 4 per cent this year, significantly lower than its previous forecasts. “While significant uncertainties remain, recent reductions in the volatility of wholesale energy prices, an easing of inflationary momentum and resilient global demand mean that we should be more confident about 2023 than we might have expected to be late last year,” the group said in its latest quarterly report.
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