The latest data from CSO today shows that my predictions are turning out to be right.
Per CSO (emphasis is mine): "Comparing July 2010 unadjusted sub-indices with July 2009 shows that:
- Milk, potatoes, sheep, vegetables, cattle and pig prices increased by 38.0%, 32.4%, 17.8%, 3.0%, 2.9% and 2.2% respectively, while cereal and poultry prices decreased by 28.9% and 2.8%.
- Energy prices increased by 15.5%, while seeds, feeding stuffs, fertilizers, plant protection products and veterinary expenses decreased by 9.3%, 8.1%, 5.2%, 0.9% and 0.1% respectively.
- increases in state-controlled inputs prices and
- deflation of wages,
In monthly terms, unadjusted output prices in July were:
- Milk down -0.1%
- Cereals no change