Prices in Ireland estimated to have risen by 8.2%

Figures published by EU Harmonised Index of Consumer Prices (HICP) estimated Irish prices to have increased by 8.2% in the year to May 2022; this compares to an annual increase of 8.1% in the Eurozone.

Energy costs in Ireland are estimated to be up by 6.7% in the month and up by 46.2% since May 2021.

April figures showed a rise of 7.3% in Ireland and an annual increase of 7.4% in the HICP for the Eurozone in the same period.

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

Six countries lower than Irish figures

Of the nineteen Eurozone countries published today, 6 countries were lower than the estimate of 8.2% for Ireland while twelve countries had a higher rate. Estonia had the highest rate at 20.1%, Malta being the lowest at 5.6%.

“These flash estimates are subject to revision when the final HICP results are published next month,” says Colin Cotter, statistician in the Prices Division. “Looking at the components of the flash HICP in Ireland for May 2022, Energy is estimated to be up 6.7% in the month and up 46.2% since May 2021. For the Eurozone overall, energy prices were up by 2.0% in the month and up by 39.2% on an annual basis."

The final results of the HICP for Ireland for May 2022 will be published on 9 June 2022 as part of the Consumer Price Index (CPI), while Eurostat are expected to publish final HICP results for the Eurozone for May 2022 on 17 June 2022.