Ireland’s prices have risen to record levels for the whole Eurozone

According to Eurostat data, prices in Ireland are estimated to have increased by 9.6% in the year ending in July, exceeding the Eurozone’s overall record inflation rate of 8.9%.

Inflation rose by 0.4 percent in July, as estimated by Ireland’s Harmonised Index of Consumer Prices.

Annual estimates of inflation for eight of the 19 Eurozone countries published today were lower than the estimate of 9.6% for Ireland while 10 countries had a higher rate.

Malta had the lowest estimated annual inflation rate at 6.5 percent, while Estonia had the highest estimated rate at 22.7 percent in July 2022.

When evaluating the elements of the flash HICP for Ireland in July 2022, it is estimated that energy will be up 50.4 percent since July 2021 and down 1.6 percent in July 2022.

The Central Statistics Office’s consumer pricing index is developed separately from the HICP data.

Anthony Dawson, Statistician in the Prices Division with the CSO, said,” Energy is estimated to be down 1.6% in the month but up 50.4% since July 2021. For the Eurozone overall, energy prices were up by 0.4% in the month and up by 39.7% on an annual basis.”

Meanwhile, the economy in Europe showed surprising resilience against soaring energy and food prices, according to official data from Eurostat, as tourism boosted France and Spain, but export powerhouse Germany stalled.

The EU’s official data agency said that growth in the eurozone reached 0.7% in the second quarter, far stronger than expected by analysts.

This acceleration in growth from the previous quarter came despite high inflation, which reached a new record of 8.9 percent in July, Eurostat said.

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