Consumer prices rose by 1.7% in 12 months up to March 2024

Kenneth Fox

The Consumer Price Index (I) for Ireland is estimated to have increased by 1.7 per cent in the 12 months to March 2024 and grew by 0.3 per cent since February 2024.

This compares with inflation of 2.3 per cent in Ireland in the 12 months to February 2024 and an annual increase of 2.6 per cent in the HI for the Eurozone in the same period.

Looking at the components of the flash HI for Ireland in March 2024, energy prices are estimated to have fallen by 3.1 per cent in the month and decreased by 8.4 per cent over the 12 months to March 2024.

Food prices are estimated to have decreased by 0.1 per cent in the last month and risen by 2.6 per cent in the last 12 months.

The HI excluding energy and unprocessed food is estimated to have increased by 2.8 per cent since March 2023.

Eurostat will publish flash estimates of inflation from the EU HI for the Eurozone for March 2024 to April 3rd, 2024.

Commenting on the data published, Anthony Dawson, statistician in the Prices Division, said: “The latest flash estimate of the Harmonised Index of Consumer Prices (HI), compiled by the CSO, indicates that prices for consumer goods and services in Ireland are estimated to have increased by 1.7 per cent in the past year.

"The HI excluding energy and unprocessed food prices is estimated to have increased by 2.8 per cent since March 2023."

Transport costs have risen by 3.1 per cent in the month and increased by 3.8 per cent in the 12 months to March 2024.

The corresponding rate for the Eurozone will be published on April 3rd, 2024. These flash estimates are subject to revision when the final HI results are published next month.