Inflation readings consistently show that inflation is stretching higher as a result of the energy and supply shocks caused by the war in Iran with the Retail Price Index marking at 2.8% for April according to the National statistics Office. Inflation by the RPI is being recorded higher than with the Harmonised Index for Consumer Prices which marked inflation at 2.5% in April. RPI was at 2.7% in March.
As usual, the biggest inflationary component was food at 0.85% with only clothing experiencing deflation at -0.29%. The highest annual inflation rate was recorded with housing at 5.8%.
The current general election campaign is ongoing with both major political parties promising a flurry of subsidies and tax cuts but none are discussing current inflationary pressures and further economic risks.
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