According to data from the Central Statistics Office, consumer price inflation in Ireland softened in January after increasing in the previous month. In January, the consumer price index experienced a year-on-year climb of 4.1%, which showed a decline compared to 4.6% increase seen in December.
Additionally, the inflation rate in January, harmonized with EU measures, cooled down to 2.7% from 3.2% the month prior. Despite this moderation, inflation rates remain above the European Central Bank's benchmark of 2.0%.
The primary contributor to overall inflation in January was a 9.3% surge in the recreation and culture sector. The annual growth rate in housing and utilities also experienced a slowdown, falling to 4.3% from 5.2%. Similarly, the transportation sector saw a slower growth rate of 2.1%, a decrease from the 3.4% hike seen a month previous.
In terms of monthly fluctuation, consumer prices saw a 1.3% decline in January. This was in contrast to a 0.5% increase in December, with the Harmonized Index of Consumer Prices (HICP) also demonstrating a 1.4% fall.
Other official data revealed a seasonal adjustment in the trade surplus - rising to 4.1 billion euros in December from 2.5 billion in November. During this period, exports fell by 1.0% while imports saw a 13.0% decrease.
On an unadjusted basis, December's trade surplus was at 1.98 billion euros. This was down from 2.7 billion euros in the equivalent month of the previous year. The decrease can be attributed to a 9.0% decline in both exports and a 5.0% decrease in imports simultaneously.
