Inflation rises again despite slight drop in cost of fuel

Inflation is forecast to reach 7.3% this month, according to latest estimates. 

The latest figure is up on the 6.9% inflation rate in March. 

The figures show a significant increase in the cost of living, including an increase in food prices. 

Energy prices have dropped slightly after a surge in March due to Russian's invasion of Ukraine. The cost of energy is up 38% when compared with April of last year. 

Not only has the price of food increased, but the cost of services has also gone up. 

The war in Ukraine has had a significant impact on energy, food and commodoties. 

Eurostat published its flash estimates of inflation today, April 29, from the EU Harmonised Index of Consumer Prices (HICP) for the Eurozone for April 2022, including estimates for Ireland which have been compiled by the Central Statistics Office (CSO).

Commenting on the data published today, Colin Cotter, Statistician, said: “The latest flash estimate of the Harmonised Index of Consumer Prices (HICP), compiled by the CSO, indicates that prices for consumer goods and services in Ireland are estimated to have increased by 7.3% in the past year.

"The corresponding rate for the Eurozone published by Eurostat today was 7.5%. These flash estimates are subject to revision when the final HICP results are published next month".

Five of the 19 Eurozone countries had a lower annual increase than the estimate of 7.3% for Ireland while 13 countries had higher rates. Estonia had the highest estimated annual inflation at 19.0% while Malta had the lowest at 4.9%.

"Looking at the components of the flash HICP in Ireland for April 2022, energy is estimated to be down 1.7% in the month and up 39.1% since April 2021. There was a similar result for the Eurozone overall, with energy prices down by 3.7% in the month and up by 38.0% on an annual basis," Mr Cotter said.