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Irish annual inflation slows to 8.7% ahead of further energy price hikes

·1-min read
Daily life in Dublin, Ireland

DUBLIN (Reuters) - Annual Irish inflation slowed for the first time in seven months in August, with prices up 8.7% year-on-year compared to a 38-year high of 9.1% in the previous two months, government data showed on Thursday.

Prices were 0.2% higher month-on-month, which was also the slowest level of growth since January. The highest monthly rises were in health (+1.3%) and clothing and footwear (+1.1%), while gas and other fuel inflation eased to 1.0%.

Energy companies have announced that they will impliment gas and electricity price increases of between 27% and 47% in the coming weeks, suggesting inflation may not yet have peaked.

The annual rate not fallen below 5% in almost a year, the Central Statistics Office said.

(Reporting by Padraic Halpin)