Irish Consumer Price Inflation falls sharply to 1.1% in December; Inflation to turn negative in January and remain a minus through 2009
Jan 15th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Irish Consumer Price Inflation in December, as measured by the CPI, decreased by 1.2% in the month. This compares to an increase of 0.1% recorded in December of last year. As a result, the annual rate of inflation fell to 1.1%, down from 2.5% in November 2008, according to the CSO.Ulster Bank Chief Economist Pat McArdle says the 2008 average rate was 4.1% and he expects the CPI to turn marginally negative in January and to remain negative for all of 2009, bottoming at minus 3.5% next Autumn and giving an average fall of 2.5% in 2009.