Minister Chambers welcomes the significant easing in inflation
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From: Department of Finance
- Published on: 29 August 2024
- Last updated on: 12 April 2025
- Headline inflation stood at 1.1 per cent in August 2024, the lowest rate of inflation since April 2021.
- The easing in annual inflation was driven primarily by a fall in energy prices which declined by 9.5 per cent in August.
- Excluding energy and unprocessed food, core inflation remained stable at 2.3 per cent in August.
The Central Statistics Office today (29th August) published a flash estimate of inflation for August 2024. The estimate suggests that inflation stood at just 1.1 per cent in August, driven primarily by a significant fall in energy prices. Core inflation, which excludes energy and unprocessed food, remained stable at 2.3 per cent in August.
Commenting on the figures, the Minister for Finance, Jack Chambers T.D., said:
“I welcome today’s flash release which indicates that inflation is now at its lowest rate since April 2021. Having risen sharply over recent years, I am particularly encouraged to see that the easing in inflation has been driven by falling energy prices. The period of elevated inflation now appears to have passed and we are now back on a more stable trajectory.
“This easing in inflation will support an improvement in real wages which should help drive growth in our domestic economy over the remainder of this year. However, pockets of inflation remain with core inflation still in excess of 2 per cent and I am acutely aware that many households and businesses are still struggling as price levels throughout the economy remain elevated.
“Despite the strong position of our economy at present we are living in an era of great uncertainty, geopolitical tensions and a changing economic landscape. It is against this backdrop that the Government will set out Budget 2025 in early October. Budget 2025 will ensure we continue to support families, workers and businesses while also investing in our public services and infrastructure to prepare us for the challenges that we face now and into the future.”
Ends