Inflation Rates Stay At 2.7%

14 July 2011 - Which Way to Pay

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Inflation Rates Stay At 2.7%

According to new data released by the CSO’s Consumer Price Index, inflation has stayed at the rate of 2.7% throughout June. This follows the 3.2% throughout April, which was the highest level seen in 30 months. Summer sales have impacted on the cost of clothes, footwear and household goods, lowering prices by 0.1% in June. This decrease was balanced with increases seen in the restaurant and hotel sector, along with the interest rates of many mortgages going up.

This new data does not take into account the recent reduction on VAT rates on activities relating to tourism, a governmental measure brought in on the 1st July. The Consumer Price Index for June also fell by 0.1% when tobacco is excluded, which is an annual rate of 2.8%. If energy products are excluded, the Consumer Price Index stayed the same in June, but overall increased by 1.9% over the year. If mortgage interest is excluded, the CPI fell by 0.2% throughout June and overall increased by 1.6% in the year.

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