An initial estimate by the Central Statistics Office indicated that the annual rate of inflation slowed to 7.7% in January.
When compared to December, the annual rate was 8.2%.
The Harmonised Index of Consumer Prices (HICP), which enables comparisons across the EU, serves as a measure of inflation.
The estimate of inflation for all EU member states by Eurostat will be released tomorrow. Ireland’s detailed Consumer Price Index (CPI) for inflation will be released later in February.
The annual inflation rate in Ireland in December was 8.2% according to both the HICP and the CPI.
The CSO reports that although energy prices decreased by 0.1% in January, they are still up 33.1% from January 2022.
When energy costs are excluded, the HICP for January was 5.2%.