Ireland's CPI rises 2.7 pct over last year

11:32, June 25, 2011      

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Ireland's Consumer Price Index (CPI) , a main gauge of inflation, rose 2.7 percent year on year in May, according to the Central Statistics Office (CSO) on Friday.

The CPI hike was largely contributed by higher bills of electricity, gas and other fuels, which spiked 8.5 percent, the CSO said.

Clothing and footwear added 0.6 percent due to higher prices for men's items. Hotel and other accommodation prices went up 0.3 percent while alcoholic beverages and tobacco increased by 0.2 percent.

The annual inflation rate for services was 3.6 percent while mortgage interest rose by 20.1 percent, an apparent by-product of Ireland's property crisis which was a major factor in the fall of the economy.

While prices in Ireland continued to go up, the EU Harmonized Index of Consumer Prices (HICP) remained unchanged in May, compared to an increase of 0.3 percent recorded in May last year.

Source: Xinhua
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