New figures from the Central Statistics Office show that the country’s inflation rate rose to 2% on an annual basis in March compared to 1.8% a month earlier.
This marked the first time that inflation has been at, or above, 2% since July 2024 when the rate of inflation was 2.2%.
The CSO said that on an annual basis, prices in restaurants and hotels rose mainly due to higher prices for alcoholic drinks and food consumed there.
March also saw higher high rents and mortgage interest repayments, which were partially offset by a reduction in the price of home heating oil. Higher prices for health and motor insurance premiums were also noted.
The price of Food & Non-Alcoholic Beverages rose by 4.2% due to higher prices across a range of products such as milk, cheese and eggs, chocolate and confectionery, mineral waters, soft drinks and meat.
But prices in the clothing and footwear sector were down 1.9% due to sales.
Today’s figures also show that the Harmonised Index of Consumer Prices, which strips out mortgage increases and is used for intra-European Union comparisons, rose 0.7% on the month to stand 1.8% higher on the year.
The CSO also today published National Average Prices for selected goods and services for March, which reveal that the national average price for a 800g white sliced pan decreased by a cent in the year.
Spaghetti per 500g increased by two cents in the year, while the average price for 2.5kg of potatoes was down 9 cents.
The national average price of full fat milk per 2 litres was up 28 cents in the year, while butter per pound rose by 76 cents and the average price of Irish cheddar per kg increased by 50 cent.
The average price of a take-home 50cl can of lager at €2.39 was up two cents from March of last year, while a take-home 50cl can of cider at €2.69 was unchanged.
The CSO also noted that the average price of a pint of stout in licensed premises was €6.04, up 39 cents in the year, while a pint of lager was €6.44, up 37 cents compared with March 2024.
Article Source – Annual inflation rises to 2% in March – CSO – RTE
