Irish inflation rises to 7.8%, highest level since 1984

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DUBLIN, June 9 (Reuters) – Annual inflation in Ireland accelerated to 7.8% in May, its highest level since 1984, as soaring energy costs fueled a further jump in consumer prices from 7% a month earlier, Central Statistics Office data showed on Thursday.

Prices were 0.9% higher month-on-month for the second month in a row, down from the 1.9% recorded in March, which was the fastest month-on-month rise since monthly figures were first collected in 1997.

Ireland’s central bank forecast in April that price growth would peak at an average of 7.7% during the second quarter but remain above 7% in the third, before declining to 5.1% in the final three months of the year.

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