Inflation rate eases but motor insurance premiums rise for 10th month in a row

The consumer prices index, which measures inflation, rose by 2.2pc between June last year and June this year.

This rate of increase is down from an annual rate of 2.6pc in the year to May this year, the Central Statistics Office (CSO) said.

This is the eighth time since September 2021 that the annual growth in the consumer price index has been below 5pc.

Prices of goods and services rose by 0.4pc in the month of June.

Motor insurance costs rose for the 10th month in a row in June, up by 8.3pc over the last year.

Insurers have blamed a higher number and increased value of damages claims to vehicles for the rising in the cost of premiums.

Experts have pointed out that lower reading for the rate of inflation in June does not mean prices are coming down.

The figures mean prices are still going up, but just not rising as fast as previously.

Such has been the rapid rises in prices in the last two years that experts said it could take at least two years before people get back the purchasing power…

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Independent.ie