Inflation is clearly on the wane in Ireland, in line with the trend in most other economies. Preliminary data for May show that prices rose by 0.3% in the month, with the annual rate of HICP inflation falling to 5.4%. This is down from 6.3% in April, 7.0% in March and 8.1% in February. It is the lowest rate of inflation since January 2022, and the rate is now well below the peak of 9.6% hit last summer.