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INFLATION SLOWED MARGINALLY to 4.6% in July according to figures released today by the CSO, while the Irish economy grew by 3.3% in the second quarter of 2023.
The latest EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have increased by 4.6% in the 12 months to July 2023, a change from 4.8% in June.
Food prices are estimated to have risen by 8.6% in the last 12 months while energy prices are estimated to have decreased by 1.3% over the same period.
‘Flash’ GDP figures also released by the CSO today show that the Irish economy grew by 3.3% from April to June of this year.
The ‘flash’ estimate is the initial estimate published one month after the end of the quarter with more detailed information due to be published in early September.
Minister for Finance Michael McGrath commented that the 3.3% growth more than reverses the 2.8 per cent fall recorded in the first three months of the year.
The quarterly increase was largely due to increased output in the multinational sector.
Minister McGrath said: “As I have stressed in the past, Modified Domestic Demand is a much better indicator of what is going on in the domestic economy and these data will be published just over a month from now. My department will then begin the process of producing its autumn forecasts that will underpin Budget 2024.”
Modified domestic demand, a proxy for the domestic economy, is the sum of consumer spending, government spending and investment, excluding investment in imported IP and aircraft for leasing. It also excludes changes in the value of stocks.
“That said, high frequency data suggest that the domestic economy performed reasonably well in the second quarter – consumer confidence strengthened, unemployment reached a record-low of 3.8 per cent in June and construction activity picked up,” McGrath added.
On the inflation data, McGrath said as the fall in wholesale energy prices is passed-on at the retail level, he expects headline inflation to ease further in the coming months.
However, he said he is also conscious that core inflation – price growth excluding energy and food – is still running at 5%.
“This largely reflects the strength of the economy right now and the achievement of full employment. This is projected to ease, albeit at a somewhat slower pace than for headline inflation,” McGrath said.
The July inflation figure of 4.6 per cent is down from a peak of 9.6 per cent in July of last year.
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Where did this poll sprout from?
Brussels
Yes … mixed with bacon bits and cooked in oven….mmmmm
I like an odd sprout or two and am partial to a gallon or two of bud.
@windbag: Definitely! Crispy bacon bits, a bit of butter to give them that warm texture, salt/pepper – noice!
And pine nuts…..yum yum
Fries with onion and bacon in soy sauce
Brussels sprouts, bacon with some sherry cream sauce, delicious: https://www.google.ie/amp/s/allrecipes.com/recipe/216028/brussels-sprouts-in-a-sherry-bacon-cream-sauce/amp/?client=ms-android-alcatel
I’d eat a Turkey made of sprouts…
I love sprouts.
I’d eat button sprouts EVERY day if l could, but on the contrary, l can’t bear to watch my 12 year old daughter’s face when l reply to her: “whats for dinner” ? Question…l suppose it’s an aquired taste..
You’re not supposed to serve it as the main element of the dinner.
cover them in chocolate and save them for the kids on halloween
Hovercraft fuel, I love ‘em. I actually love the stalk as well , boiled in the water off the bacon.. yummmm
Has to be the bacon/ham water
@ Elanor, serious respect.
Done with lots of bacon bits
George Say”s – more “Journal” nonsense.
Love them shredded and fried with smoked bacon butter black pepper and nutmeg
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