The Central Statistics Office (CSO) flash inflation estimate for May showed prices have risen 1.9% since a year ago.

While this is a slight increase from last month’s level, it means the pace of Irish price growth remains at a level the European Central Bank (ECB) sees as its target for inflation.

Looking at the components, energy prices are 3.6% lower than a year ago. Food prices haven’t changed from a month ago and are 2.3% higher than a year ago.

In the transport sector, prices rose 1.5% in the last month and are 7.1% higher than a year ago.

Euro area inflation

Inflation for the euro area is due to published on Friday and should there be no surprise in the data, the ECB will cut interest rates at its meeting on Thursday 6 June.

The flash inflation estimate published by the CSO is a measure of harmonised index of consumer prices (HICP), the EU standard for inflation, is the basis of the measure.

Ireland’s official measure of inflation is the consumer price index (CPI), which includes the cost of servicing mortgages.