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Rate of inflation falls to 1% in May – CSO

Rate of inflation falls to 1% in May – CSO

The annual rate of inflation eased to 1% in May from the seven year high of 1.7% hit in April, new figures show today.

The latest figures from the Central Statistics Office figures show that consumer prices fell by 0.1% on a monthly basis in May.

The CSO said that May saw higher rents and mortgage interest repayments as well as an increase in the price of electricity and gas.

Prices in restaurants and hotels rose on the back of higher prices for alcoholic drinks and food, while education costs increased due to higher third level education expenses.

But May also saw small falls in the price of motor insurance premiums and a cut in prices for appliances, articles and products for personal care and other personal effects.

Tthe cost of non-durable household goods, furniture and furnishings and household textiles were also lower last month.

Consumer prices have been broadly flat here since 2012 despite Ireland being the European Union’s best performing economy for the last four years.

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