Republic’s inflation rate hits 9.6%

Euro zone inflation hit yet another record high in June as price pressures broadened, and its peak could still be months away, bolstering the case for rapid European Central Bank rate hikes starting this month.Ireland’s estimated annual inflation hit 9.6 per cent in June in new figures released by statistics agency Eurostat that revealed record rates in the Euro zone area.

Energy costs inflation accelerated to 41.9 per cent in June compared to 39.1 in May, the single greatest component in the rise. Food, alcohol and tobacco price rises also accelerated with inflation increasing to 8.9 per cent in June compared to 7.5 per cent in May. Inflation excluding food and fuel prices accelerated to 4.6 per cent from 4.4 per cent, although an even narrower measure, which also excludes alcohol and tobacco, slowed to 3.7 per cent from 3.8 per cent.

Adding to inflation pressures, unemployment fell to a record low 6.6 per cent in May and with apparent labour shortages crippling parts of the services sector, jobs growth could persist, pressuring wages and ultimately inflation.

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