Inflation falls for the first time in 17 months

The annual inflation rate dropped to 10% in November, according to an initial 'flash' estimate from the EU’s statistical agency Eurostat.

This compares with HICP inflation of 9.4% in Ireland in the 12 months to October 2022 and an annual increase of 10.6% in the HICP for the Eurozone in the same period.

According to Eurostat, energy is expected to have the highest annual rate in November, 34.9%, compared with 41.5% in October. This is followed by food, alcohol & tobacco, 13.6%, compared with 13.1% in October, non-energy industrial goods, 6.1%, stable compared with October and services, 4.2%, compared with 4.3% in October.

Annual estimates of inflation for five of the 19 Eurozone countries published today were lower than the estimate of 9.0% for Ireland while 11 countries had a higher rate.

Greece and Finland had the same estimated rate of annual inflation as Ireland.

Latvia had the highest estimated rate of annual inflation in November 2022 at 21.7% while Spain had the lowest at 6.6%.
Looking at the components of the flash HICP for Ireland in November 2022, energy prices are estimated to have increased by 0.1% in the month and are up by 43% since November 2021.

Eurostat has today, 30 November 2022, published flash estimates of inflation from the EU Harmonised Index of Consumer Prices (HICP) for the Eurozone for November 2022, including estimates for Ireland which have been compiled by the Central Statistics Office (CSO).

Commenting on the data published, Anthony Dawson, Statistician in the Prices Division, 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 9.0% in the past year. The corresponding rate for the Eurozone published by Eurostat today was 10.0%. 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 9.0% for Ireland while 11 countries had higher rates. Greece and Finland had the same estimated rate of inflation as Ireland. Latvia had the highest estimated annual inflation at 21.7% while Spain had the lowest at 6.6%.