The headline figure from the July CSO Consumer Price Index release may be that we are headed for inflation once again but the measure of core inflation we have been following remains negative, though it did increase in the month.
The overall CPI recorded an annual decrease of just 0.1% in the year to July. The measure of core inflation used here excludes the effect of Mortgage Interest and Energy Products. The measure of core inflation comprises about 85% of the overall CPI.
After remaining below -2.5% for six months, core deflation eased in July and stood at –1.7% for the year.
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