Latest news with #HarmonisedIndexofConsumerPrices
Agriland
3 days ago
- Business
- Agriland
CSO: Food prices increase by 4% in past year
Food prices are estimated to have risen by more than 4% since last year according to the latest data released by the Central Statistics Office (CSO) today (Friday, May 30). The EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have risen by 1.4% in the 12 months to May 2025 and remained unchanged since April 2025. This compares with HICP inflation of 2% in Ireland in the 12 months to April 2025 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, food prices are estimated to have increased by 1% in the last month and by +4.1% in the last 12 months. 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. The HICP, excluding energy and unprocessed food, is estimated to have gone up by 1.8% since May 2024. Eurostat will publish flash estimates of inflation from the EU HICP for the eurozone for May 2025 on June 3, 2025. Commenting on the data published today, statistician in the CSO Prices Division, Anthony Dawson said: 'The latest flash estimate of the Harmonised Index of Consumer Prices (HICP), compiled by the CSO, indicates that prices for consumer goods and services in Ireland are estimated to have increased by 1.4% in the past year. 'Looking at the components of the flash HICP in Ireland for May 2025, energy prices are estimated to have decreased by 1.3% in the month and fallen by 2.6% since May 2024. 'The HICP, excluding energy and unprocessed food prices, is estimated to have risen by 1.8% since May 2024. 'Food prices are estimated to have grown by 1% in the last month and increased by 4.1% in the last 12 months. Transport costs have fallen by 3% in the month and decreased by 2.4% in the 12 months to May 2025,' he added. The Consumer Price Index (CPI) is the official measure of inflation for Ireland and is published monthly by the CSO. The CPI release for May 2025 will be published on June 12, 2025 and the final results of the HICP for Ireland for May 2025 will be published as part of the CPI release. The HICP is an index of consumer prices that has been harmonised to allow comparisons across eurozone countries. The CSO compiles the HICP flash estimates and final results for Ireland and submit those to Eurostat which then compiles the eurozone estimate and publishes that along with the results for the countries within the eurozone.
RTÉ News
3 days ago
- Business
- RTÉ News
Inflation eases to 1.4% in May, flash CSO estimate shows
Consumer prices eased to 1.4% year-on-year in May from 2% a month earlier, a flash estimate of the Harmonised Index of Consumer Prices from the Central Statistics Office estimates today. The CSO said that core Irish HICP, which excludes energy and unprocessed food, slowed to 1.8%, from 2.5% in April. Today's figures show that energy prices are estimated to have fallen by 1.3% in the month and decreased by 2.6% over the 12 months to May. But food prices are estimated to have increased by 1% on a monthly basis and by 4.1% on an annual basis, while transport costs are down 3% in the month and 2.4% lower in the 12 months to May. Eurostat will publish flash estimates of inflation for the euro zone for May on June 3. Meanwhile, Spanish inflation also dipped below the European Central Bank's 2% target in May, preliminary data showed today, boosting the case for more interest rate cuts in the euro zone.
Euronews
3 days ago
- Business
- Euronews
Inflation in Spain falls to 1.9% in May in line with ECB targets
Inflation in Spain fell in May to 1.9%, but the underlying inflation index remains above the price stability level, at 2.1%, according to data published on Friday by the National Statistics Institute (INE). The Consumer Price Index (CPI) reached its lowest value since last October, when it stood at 1.8%. The European Central Bank considers that the best way to maintain price stability in the euro area is to have an inflation target of 2% in the medium term, according to the Bank of Spain. Therefore, the general index achieves a certain stability after the high percentages registered during the last year. However, the underlying index, which eliminates the effect of the most volatile prices, is above 2%. However, the Harmonised Index of Consumer Prices (HICP) fell by 0.3 percentage points year-on-year in May to 1.9%, and recorded a monthly decrease of 0.1%. With the slowdown in the year-on-year CPI recorded in May, inflation has now seen three consecutive months of declines in its annual rate. According to INE, this moderation, which places the CPI at 1.9%, is mainly due to the drop in leisure and culture prices, lower prices in the transport sector, and a smaller increase in electricity tariffs compared with the same month in 2024. The Ministry of Economy, Trade and Enterprise stressed that the favourable evolution of services related to the tourism sector, along with the positive performance of electricity prices, played an important part in this inflation decline. With the decrease in May, the core inflation rate returns to a path of moderation following a rise of 0.4 percentage points in April. A Federal appeals court temporarily blocked a ruling from the Court of International Trade that barred most of the Trump administration's sweeping tariffs on global trading partners. The legal development reignited uncertainty, sparking renewed selloffs in US stock markets and dragged the US dollar sharply lower from its intraday high. The decision provides the White House with additional time to defend the legality of the president's efforts to reshape global trade relations. Federal officials signalled that the same level of import levies could be reintroduced under alternative legal authorities, although enacting tariffs via other sections of the Trade Act could take several months. 'I can assure the American people that the Trump tariff agenda is alive, well, healthy and will be implemented to protect you, to save your jobs and your factories, and to stop shipping foreign wealth — our wealth — into foreign hands,' Peter Navarro, Trump's top trade adviser, said on Thursday. Trump had invoked the International Emergency Economic Powers Act (IEEPA) to impose the so-called reciprocal tariffs announced in early April. However, on Wednesday, the trade court ruled that the president does not have the authority to impose such broad levies under the IEEPA. 'America cannot function if President Trump — or any other president, for that matter — has their sensitive diplomatic or trade negotiations railroaded by activist judges,' said White House Press Secretary Karoline Leavitt. 'Ultimately, the Supreme Court must put an end to this for the sake of our Constitution and our country.' The US stock markets initially jumped on the original court ruling, alongside positive quarterly earnings results from Nvidia. However, major indices gave up early gains despite a higher close on Thursday. During Friday's Asian session, US stock futures continued to fall as risk-off sentiment prevailed. As of 4 am CEST, Dow Jones Industrial Average futures were down 0.08%, while the S&P 500 and Nasdaq 100 futures both declined 0.26%. European markets are also expected to open lower, according to futures pricing. The Euro Stoxx 50 was down 0.19%, and Germany's DAX slipped 0.15%. German equities extended losses for a second consecutive day on Thursday, following a record high on Tuesday. Investors will be closely watching the progress of US-EU trade talks, though the legal battle surrounding the Trump administration's tariffs is adding complexity to the outlook. Asian equity markets also traded mostly lower on Friday. Hong Kong's Hang Seng Index fell 1.4%, Japan's Nikkei 225 lost 1.39%, and South Korea's Kospi dropped 0.61%. Australia's ASX 200 was flat as of 3:10 am CEST. The latest court developments have once again dented investor confidence in US assets, particularly the dollar. Yields on US government bonds initially jumped to 4.5% but later pulled back to 4.42% as Treasury prices came under renewed pressure. Meanwhile, haven assets have rallied. Gold jumped, and the euro, the Swiss franc, and the Japanese yen all strengthened significantly. The euro rebounded sharply from an intraday low against the dollar on Thursday after the tariff ruling was paused. The EUR/USD pair fell as low as 1.1210 before surging to 1.1353 as of 3:11 am CEST on Friday. Gold futures also swung higher, climbing to $3,321 per ounce from an intraday low of $3,269 on Thursday.
The Star
19-05-2025
- Business
- The Star
European Commission lowers Lithuania's 2025 growth forecast to 2.8 pct
VILNIUS, May 19 (Xinhua) -- The European Commission on Monday revised down its projection for Lithuania's economic growth in 2025 to 2.8 percent, slightly below the 3 percent estimate published in November. According to the Commission's latest macroeconomic forecast, Lithuania's economy is expected to maintain growth momentum over the coming years, driven by strong private consumption, a moderate recovery in investment, and resilient export performance. However, global trade tensions, ongoing uncertainty, and an unfavorable geopolitical environment are likely to weigh on exports, consumer demand, investment, and price dynamics. The Commission projects that Lithuania's GDP growth will accelerate to 3.1 percent in 2026. Inflation expectations for the country have been revised upward, reflecting a sharp increase in energy and food prices, higher excise duties on fuel, alcohol, and tobacco, and persistent inflation in the services sector. Annual inflation, measured by the Harmonised Index of Consumer Prices (HICP), is now forecast to reach 2.6 percent this year, up from the previous estimate of 1.7 percent. Public debt is also set to rise, with the Commission forecasting an increase to 41.2 percent of GDP this year, climbing further to 43.9 percent in 2026.
Business Mayor
19-05-2025
- Business
- Business Mayor
Ireland's economic ties with US pose notable risks, European Commission warns
Ireland's 'deep economic ties' with the US 'pose notable downward risks' for the economy, the European Commission has warned. In its Spring economic forecasts, the European Union's (EU) executive arm said it expected the Irish economy to grow by 2.2 per cent (in modified domestic demand terms) this year and by 2.3 per cent in 2026 with 'steady employment' and real wage growth driving consumption. 'However, Ireland's openness and high trade and investment links to the US leaves it vulnerable to further protectionist policies,' it said. 'While the current US tariff exemptions – notably on pharmaceuticals – cover a large majority of Ireland's goods exports to the US, the introduction of new tariffs, along with broader US policy changes to disincentivise investment and activity in Ireland present significant downside risks to Ireland's economy,' it said. The Commission forecasts assume that US tariffs remain at 10 per cent, with higher duties on some products and exemptions on others. Industry sources have warned that the State could lose up to a quarter of its pharmaceutical manufacturing capacity if US President Donald Trump pushes ahead with plans to cut prices for prescription drugs by urging pharma companies to raise their prices in Europe. [ Ireland must steel itself for a trade war with the US ] The European Commission highlighted this as a key risk to Ireland's fiscal outlook. 'A weaker performance or a downsizing of the multinational-dominated sectors would significantly affect tax revenues,' it said. 'The outlook for corporate income tax revenues is particularly uncertain, given their concentration among a relatively small number of large multinational companies and a large portion estimated to be windfall, ie beyond what is explained by underlying domestic economic activity,' it said. Read More Lucky Generals funds training for working class ad talent The commission forecast the Irish Government would continue to run a healthy budget surplus this year albeit with revenue growth slowing 'amid heightened levels of consumer and business uncertainty'. Even before the impact of tariffs, corporation tax is expected to be €2 billion lower than previously forecast, at €29 billion, due to declining profitability at multinationals, the Department of Finance said earlier this month. On the wider euro zone economy, the commission cut its headline growth forecast, citing 'weakening global trade outlook and higher trade policy uncertainty'. [ For Ireland, the choice between the US and China is easy ] It said it expected the 20-state single currency area's economy to grow at a rate of 0.9 per cent in 2025 – down from a previous forecast of 1.3 per cent. 'The ongoing disinflationary process, which began at the end of 2022, is expected to advance steadily,' it said. 'After easing to 2.4 per cent in 2024, Harmonised Index of Consumer Prices (HICP) inflation in the euro area is projected to reach the European Central Bank's (ECB) target of 2 per cent already in 2025, falling further in 2026,' it said. However, it warned risks to the outlook were tilted to the downside. 'Further fragmentation of global trade could mitigate gross domestic product (GDP) growth and reignite inflationary pressures,' it said. 'On the upside, further de-escalation of EU-US trade tensions or faster expansion of the EU's trade with other countries, including through new free trade agreements, could sustain EU growth. Increased defence spending could also contribute positively,' it said. Read More Altada 'imploding' as employees take stand against takeover bid As Russia's war in Ukraine grinds on, Germany's new chancellor Freidrich Merz has vowed to transform the nation's armed forces into Europe's strongest conventional army to help counter the rising threat from Russia.
