Annual rate of inflation slows slightly, according to latest CSO figures

The annual rate of inflation slowed to 7.7% in January, according to an initial estimate by the Central Statistics Office.

This is slightly down on an annual rate of 8.2% in December.

This measure of inflation is the Harmonised Index of Consumer Prices (HICP), which allows for comparisons across the EU.

Eurostat's estimate of inflation across EU member states will be published on Wednesday.

The detailed Consumer Price Index (CPI) for inflation in Ireland will be published later in February.

Commenting on the data published on Tuesday, Anthony Dawson, Statistician in the Prices Division, said: "The latest flash estimate of the HICP, compiled by the CSO, indicates that prices for consumer goods and services in Ireland are estimated to have increased by 7.7% in the past year. Looking at the components of the flash HICP in Ireland for January 2023, energy prices are estimated to be to have decreased by 0.1% in the month but are up an estimated 33.1% since January 2022. The HICP excluding energy prices is estimated to have increased by 5.2% since January 2022.