Inflation hits estimated 3.4% on new energy price rise
Annual consumer price inflation is estimated to have risen to 3.4% in August from 3.1% July after a monthly jump in energy prices, a flash estimate from the Central Statistics Office shows today.
Inflation in August is estimated to have increased to 3.4%, up from 3.1% in July, according to a preliminary report from the Central Statistics Office. This rise was primarily driven by a significant surge in energy prices. The CSO explained that energy prices jumped by 4.3% in August alone and have increased by 11.8% since August of the previous year.
When looking at food prices, the data shows a slight decrease of 0.2% month-over-month, but a modest increase of 0.1% over the past year. Overall, when energy prices are excluded, the year-on-year inflation rate decelerated to 2.6%, the fastest monthly increase since March. The CSO emphasized that these estimates are not final and will be revised when the complete Harmonised Index of Consumer Prices (HICP) results for the euro zone are released in September.
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