Irish inflation remains steady in May at 1.4%
Irish inflation remained steady in May and was unchanged compared to the previous month.
New figures released by the Central Statistics Office (CSO) on Friday found that the EU Harmonised Index of Consumer Prices (HICP) rose by 1.4% in the 12 months to May 2025.
This compares with an inflation figure of 2% in the 12 months to April and an annual increase of 2.2% in the HICP for the Eurozone in the same period.
Looking at the components of the flash HICP for Ireland in May 2025, energy prices are estimated to have fallen by 1.3% in the month and decreased by 2.6% over the 12 months to May 2025. Meanwhile, food prices are estimated to have increased by 1% in the last month and by 4.1% in the previous 12 months.
The HICP excluding energy and unprocessed food is estimated to have risen by 1.8% since May 2024.
The consumer price index (CPI) is the official measure of inflation in Ireland, while the HICP is an index of consumer prices that has been harmonised to allow for comparisons across euro area countries. While the CPI includes mortgage rates in its basket of goods, the HICP does not.
Eurostat will publish flash estimates of inflation from the EU HICP for the Eurozone for May 2025 on 03 June 2025.
It comes as economists warn the ECB to avoid delays in its easing of monetary policy. The bank will lower interest rates twice more, according to a Bloomberg survey, but respondents warned it shouldn't wait too long between those moves or investors will conclude that its easing campaign is already over.
Respondents predict quarter-point reductions on June 5 and at September's meeting, when new quarterly forecasts should shed more light on the effects of US President Donald Trump's reordering of global trade. That would bring the deposit rate to 1.75%, where the poll sees it settling through the end of 2026.
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