The annual rate of inflation eased to 7.7% in March from 8.5% in
February, according to the latest figures from the Central Statistics
Office today – the lowest level in 11 months.
But core inflation – which excludes energy and food – continued to rise.
March of last year marked the start of the dramatic increase in energy prices which followed the Russian invasion of Ukraine.
A year later and while household gas and electricity bills have not
come down from their peak, the price effect is beginning to fade from
the headline inflation figures. Petrol and diesel prices have also
But the price of pretty much everything else has been going up.
Core inflation, which calculates prices excluding energy and food, rose to an annual rate of 6.9% last month.
Food prices are up just over 13% on an annual basis with much steeper
price increases in products like milk, eggs and sugar showing no sign
of slowing down.
Prices for hotels, in bars and restaurants and for a range of services all rose.
In fact, education was the only category of the 12 surveyed by the
CSO where prices were lower than a year ago and that was due to
Government action on college fees.
Consumer prices were 1.1% higher month-on-month in March, down from
1.6% the previous month, today’s CSO figures also show today.
Consumer prices have been rising on an annual basis since April 2021,
with annual inflation of 5% or more recorded in each month since
Today’s CSO figures show that prices for air
tickets took a big jump – 23% – over the month and are 35.6% higher than
a year ago.
The price of hotel rooms rose by 8.4% in March and are up just over 19% compared to March last year.
Prices in pubs and restaurants are 7.4% higher than a year ago.
Meanwhile, other services are also higher. Hairdressing is 6.5% higher while pet services are up just over 17%.
The national average prices collected by the CSO show the average price for a large while sliced pan was €1.68 in March, 25 cent higher than a year ago.
Two litres of full fat milk was €2.28, an increase of 45 cent.
Meanwhile, a 2.5kg bag of potatoes is, however, only a cent higher than a year ago at €3.44.
A pound of butter was, on average, €3.85 which was an increase of 68
cent, while half a dozen large eggs has gone up from an average €1.82 in
March 2022 to €2.18 last month.