Inflation in Ireland is the highest in the Eurozone, says Eurostat
Dublin: Eurostat says inflation in Ireland is the highest in the Eurozone. Ireland’s inflation rate is higher than the Eurozone record of 8.9%. Eurostat figures reveal that the price of consumer goods in Ireland has increased by 9.6% over the last year.
The inflation rate was the same last month as well. The only consolation in this increase is that it remains constant. The trend of inflation here depends on the increase in fuel prices. Fuel prices continue to rise. Prices have increased by 50% since last year. However, Eurostat reported a 1.6% decrease from the previous month.
Eight countries have a lower inflation rate than Ireland. Meanwhile, ten countries have higher inflation rates. Estonia has a 22.7% inflation rate. And least of all in Malta. Malta has a 6.5% inflation rate.
At the same time, data from Eurostat show that the European economy has been resilient in the face of rising energy and food prices. According to Eurostat, France and Spain have experienced rapid growth in tourism.
Growth in the eurozone reached 0.7% in the second quarter, the agency said. Experts say it is much stronger than expected. Despite higher inflation, Eurostat reported that growth reached 8.9 percent in July.
At the same time, it is difficult to predict whether Ireland will enter a recession, according to Prof. Alan Barrett, Chief Executive Officer of the Economic and Social Research Institute.
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