Eurostat has confirmed that Ireland's inflation rate was 9.6% in July, unchanged from the previous month, providing a glimmer of hope that the acceleration of price pressures is nearing a peak. The new figures come from the European statistics office and are based on its harmonised measure of inflation which makes it easier to compare inflation rates right across the European Union. Irish economists have predicted since March that consumer price inflation would peak at up to 10% this summer, however, they still see inflation running at elevated levels next year. The latest figures show that Estonia, at 23.2%, has the highest inflation rate in July closely followed by Latvia. Germany's inflation rate in the month was running at 8.5%, up slightly from the previous month, and France's rate was running at 6.8%.

Source: Irish Examiner August 19, 2022 03:23 UTC