Ireland’s commodity prices are rising faster, says Eurostat reports
Dublin: The Eurostat report says that the price of essential commodities is increasing faster than the speed of a rocket in Ireland. The report reveals that the price of food items is increasing at twice the rate of inflation. The price of food items has increased by 8.6 percent in the period up to July. The report also points out that this price increase is increasing the level of inflation.
According to the CSO and Eurostat, food prices rose 0.2 percent last month and 8.6 percent in a year.
Annual inflation across the eurozone was 5.5 percent in July. Energy prices rose 0.2 percent in the month but were down 1.3 percent from a year ago, Eurostat and CSO said.
However, only the small company Pinergy is said to have reduced the price this year. The report points out that all the other big companies have yet to reduce the prices of electricity and gas.
It is also noteworthy that there was a ‘double promotion’ in the price of food items when there was an increase in the overall price level of the country by 4.6%. This does not include mortgage costs. As a result, the rate in the Eurostat report is thought to be lower than the CSO estimate. Transport costs increased by 1.3% this month but fell by 4.1% in the 12 months to July, according to the CSO.
Prices in July rose 0.2 percent from the previous month, according to data from the European Union’s Harmonised Index of Consumer Prices report. Inflation excluding energy and unprocessed food items rose 5 percent from last July, down from 5.7 percent in June.
According to the CSO’s most recent flash estimate of the Harmonised Index of Consumer Prices (HICP), prices of consumer goods and services in Ireland increased by 4.6% last year.
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