The annual rate of inflation slowed to 7.7% in January, according to an initial estimate by the Central Statistics Office.

This compares to an annual rate of 8.2% in December.

This measure of inflation is the Harmonised Index of Consumer Prices (HICP), which allows for comparisons across the EU.

Eurostat's estimate of inflation across EU member states will be published tomorrow. The detailed Consumer Price Index (CPI) for inflation in Ireland will be published later in February.

In December, both the HICP and the CPI showed the same annual inflation rate of 8.2% in Ireland.

According to the CSO, energy prices fell by 0.1% in January but they are still up 33.1% compared to January 2022.

When energy prices are stripped out, the HICP was 5.2% in January.

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