Faster-than-expected Inflation Decline In Autumn

Inflation will decrease faster than predicted in the fall.

Irish Times' Cliff Taylor predicts a decrease in consumer goods prices.

He said to Newstalk that we can expect inflation to consistently decrease throughout the year and into the next one.

Mr Taylor says wholesale gas prices dropped from €300 to €23 last Friday. Wholesale gas prices show inflation.

Mr. Taylor said we should keep an eye on energy prices. Wholesale energy prices dropped quickly on the markets in the past few months. The drop was bigger than expected.

This will affect prices for businesses and consumers.

Inflation kept increasing but eased to 5.4% last May. April saw a higher rate at 6.3%.

Energy costs went down by 3.1% in the past month. Over the last year, they went up by 1.9% till May 2023.

In May 2022, the HICP in EU went up by 5.7%. This index excludes unprocessed food and energy.

Last month, food prices increased by 0.4%. In the past year, they have gone up by 12.5%.