Prices for consumer goods and services in June 2024 rose by 2.2% on average when compared with June 2023, according to new figures from the Central Statistics Office, down from an annual increase of 2.6% on May.
It is the eighth time since September 2021 that the annual growth in the Consumer Price Index has been below 5%.
It is also being the eighth consecutive month where the inflation rate was lower than 5%.
Excluding energy and unprocessed food, the CPI went up by 3.1% in the 12 months to the end of June.
The figures show the divisions with the largest increases were Transport (+4.9%) and Restaurants & Hotels (+4.4%).
The CSO revelaed that the only divisions to record a decline when compared with June 2023 were Clothing & Footwear (-6.7%) and Furnishings, Household Equipment & Routine Household Maintenance (-1.1%).
Consumer prices grew by 0.4% between May and June.
The divisions with the largest growth in the month were Recreation & Culture (+2.5%) and Transport (+0.8%), while the divisions with the largest declines in the month were Communications (-0.6%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.3%).
Anthony Dawson, Statistician in the Prices Division, said today’s publication of the Consumer Price Index (CPI) shows that prices for consumer goods and services in June 2024 rose by 2.2% on average when compared with June 2023.
“This is the eighth time since September 2021 that the annual growth in the CPI was below 5%. It is also the eighth consecutive month where the inflation rate was lower than 5%.”
