Annual inflation rose to 2.7 per cent for the month of July from 2.3 per cent in June, according to figures released today by the Central Statistics Office.
Consumer Prices in July, as measured by the Consumer Price Index, decreased by 0.3 per cent in the month. This compares to a decrease of 0.8 per cent in July of last year and therefore inflation rose to 2.7 per cent.
The EU Harmonised Index of Consumer Prices (HICP) decreased by 0.4 per cent in the month. This matches the decrease reported for July of last year and as a result, the annual rate of inflation as measured by the HICP remained unchanged at 2.5 per cent.
The biggest changes in the year were increases in housing, water, electricity, gas and other fuels, up 6.5 per cent; transport up 5.8 per cent; and alcoholic beverages & tobacco up 3.5 per cent.
However, there were decreases in clothing and footwear, down 3.7 per cent; and furnishings, household equipmen and routine household maintenance down 1.8 per cent.
The annual rate of inflation for goods was 1.3 per cent in July while the corresponding rate for services was 4 per cent.
The CSO said the Clothing and Footwear prices fell due to the summer sales; transport costs rose because of the increases in air fares and car rental costs.
