In Ireland, recent data reveals a mixed bag for consumers as energy prices take a dip while transportation costs soar. According to the latest figures, the Consumer Price Index (CPI) in Ireland climbed by 1.7% in the year leading up to March 2024, with a slight 0.3% increase noted from February to March. This contrasts with a 2.3% inflation rate recorded up to February 2024.
Energy prices saw a notable decline, plunging by 3.1% in March and 8.4% over the past year. However, the relief in energy costs was countered by a surge in transportation expenses, which jumped by 3.8% over the year, with a 3.1% increase just from February to March.
Despite a marginal decrease of 0.1% in food prices from February to March, consumers faced a 2.6% increase in food costs over the preceding 12 months.
These fluctuations paint a picture of shifting economic dynamics, with consumers experiencing relief in some areas while feeling the pinch in others.