Dublin – The Central Statistics Office (CSO) reported a 2.2% rise in Ireland’s inflation in the 12 months leading to February, a slight dip from January’s 2.7%. Examining the monthly dynamics reveals a 0.9% increase in overall market prices.
Energy prices witnessed a modest 0.5% surge in February, contributing to the monthly uptick. Notably, when compared to last year, current energy prices reflect a 6.3% decline, providing some relief to consumers. Meanwhile, food prices also saw a 0.5% monthly hike, adding to the inflationary pressures.
On a yearly basis, the trend diverges, with food prices marking a 3.7% increase over the past 12 months. In contrast, energy prices demonstrate a noteworthy 6.3% decrease from the previous year. These fluctuations underscore the complex interplay of factors influencing Ireland’s inflation landscape, leaving consumers and economists alike keenly attuned to future developments.