Inflation in Ireland hit 1% in the 12 months to December, according to the latest flash estimate for the EU Harmonised Index of Consumer Prices (HICP).

This compares to consumer price inflation of 0.5% in the year to November, with prices increasing 0.9% since last month.

In the wider eurozone, annual consumer price inflation was measured at 2.2%.

In terms of components, energy prices are estimated to have grown by 0.7% in the month and fallen by 4.6% over the 12 months to December 2024.

Food prices are estimated to have decreased by 0.1% in the last month and increased by 1.7% in the last 12 months.

The HICP excluding energy and unprocessed food is estimated to have risen by 1.6% since December 2023.

Anthony Dawson, statistician in the prices division of the Central Statistics Office (CSO), said corresponding figures for the eurozone would be published on 7 January, and that the flash estimates would be subject to revision when the final HICP results are published next month.

The CSO's own consumer price index, which measures inflation slightly differently, pegged annual inflation at 1% in November, up from 0.7% in October.

Excluding energy and unprocessed foods, inflation was measured at 2% in the 12 months to November.

The divisions with the largest annual price increases were restaurants & hotels (+3.8%) and alcoholic beverages & tobacco (+3.5%) reflecting higher food and drink prices while clothing & footwear (-7.5%) and transport (-1.6%) posted the largest year-on-year declines.

There were also increases in the price of recreation & culture (+2.8%) and education (+2.3%) and minor decreases in furnishing, household equipment & routine household maintenance (-0.5%) and housing, water, electricity, gas & other fuels (-0.2%).

(Pic: Getty Images)