Prices in Ireland are estimated to have risen by 9.6% over the last year, the latest inflation figures from Eurostat show.

Eurostat publishes estimates of what our inflation figures are likely to be ahead of the actual release of the numbers - and they're usually pretty accurate.

Prices in Ireland are estimated to have risen by 9.6% in the year to July - a figure that is unchanged from last month.

The rising cost of fuel is continuing to drive up inflation - energy has jumped by more than more 50% over the last year but did fall by 1.6% on a monthly basis.

Ireland's inflation number is higher than the record figure of 8.9% across the eurozone.

Professor Alan Barrett, Chief Executive Officer of the Economic and Social Research Institute, has said it is difficult to gauge if Ireland is heading towards a recession.

"It hasn't gone up month-on-month, but we tend not to get overly fixated on month-to-month movements. The fact that it is picking up in the Euro area is obviously a concern," Mr Barrett told RTÉ's News at One.

"The original bump in inflation was very energy-centric. What we were always worried about is the extent to which the increase in energy prices would flow into other prices and start dragging them up as well.

"We’re now seeing the spread of inflation. The next concern is that will feed into wage demands. There is a sort of a dynamic here on the inflation front which is troubling and then we need to start talking about interest rates.

"With the economy apparently growing at a reasonable rate and higher inflation, the likelihood of more interest rate increases from the European Central Bank (ECB) and accelerated increases, come into the picture," he said.

"The Central Statistics Office figures on retail sales yesterday (Thursday) were certainly troubling because you had the first indication of things contracting," he said adding that public sentiment indicators, which project forward as regards how people see the economy evolving, are worrying.

Eight countries had lower rates than our own, while ten were higher with the greatest price rises being experienced in Estonia where inflation has hit 22.7%

Estonia had the highest estimated rate of annual inflation in July 2022 at 22.7%, while Malta had the lowest at 6.5%

Looking at the components of the flash HICP for Ireland in July 2022, energy is estimated to be down by 1.6% in the month and up by 50.4% since July 2021.

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The HICP figures are separate from the consumer price index produced by the Central Statistics Office.

Anthony Dawson, Statistician in the Prices Division with the CSO, said," Energy is estimated to be down 1.6% in the month but up 50.4% since July 2021. For the Eurozone overall, energy prices were up by 0.4% in the month and up by 39.7% on an annual basis."

Meanwhile, the economy in Europe showed surprising resilience against soaring energy and food prices, according to official data from Eurostat, as tourism boosted France and Spain, but export powerhouse Germany stalled.

The EU's official data agency said that growth in the eurozone reached 0.7% in the second quarter, far stronger than expected by analysts.

This acceleration in growth from the previous quarter came despite high inflation, which reached a new record of 8.9 percent in July, Eurostat said.