Consumer prices rose by 2.6% over the 12 months to May

Consumer prices for goods and services rose by 2.6% over the 12 months to May.

The figures from the Central Statistics Office show that when energy and unprocessed food are excluded, the Consumer Price Index (CPI) went up by 3.5%.

The largest increases in the year to May were recorded in the transport sector, followed by restaurants and hotels.

The only sectors to record a drop in prices when compared with May 2023 were clothing and footwear, furnishings, household equipment, and routine household maintenance.

“This is the seventh time since September 2021 that the annual growth in the CPI was below 5%,” said Anthony Dawson, Statistician in the Prices Division.

“It is also the seventh consecutive month where the inflation rate was lower than 5%,” he added.

Consumer prices grew by 0.5% in May when compared to the previous month.

Similar to the annual figures, the divisions with the largest growth in the month were restaurants, hotels and transport.

The only sectors to record a decline in the month were furnishings, household equipment, routine household maintenance, and alcoholic beverages and tobacco.

The CSO has also published the price of some staple items in May, compared with the same time last year.

The national average price for bread, a large 800g white sliced pan was down 6 cents in the year to May, while the same size brown sliced pan reduced by 5 cents in the year.

Spaghetti per 500g decreased by 1 cent in the year while the average price for 2.5kg of potatoes was up 59 cents.

Full fat milk per 2 litres decreased by 3 cents in the year while butter per lb fell by 5 cents and the average price of Irish cheddar per kg rose by 5 cents.