FDI Business Monitor Q2 2023

Inflation continues to slow down

Overall, consumer prices rose by 0.8% in June compared to the previous month according to the Central Statistics Office (CSO). It is encouraging that the annual rate of inflation in Ireland appears to be falling with the Consumer Price Index (CPI) increasing by 6.1% in the 12 months to June 2023, which is a decline from the 6.6% rise in the 12 months to May 2023. The UK’s inflation rate has also declined but it is currently at 7.9% in the month to June.

In Ireland, annual inflation for food & non-alcoholic beverages in June rose by 10.2% while restaurant & hotel prices rose by 8.3%. According to the CSO, there were price increases for an 800g loaf of white sliced pan (+11c), an 800g loaf of brown sliced pan (+8c), two litres of full fat milk (+28c), and a pound of butter (+29c) when compared with June 2022.