Consumer prices in Ireland rose by 1.3% year-on-year in February, a slight decrease from the 1.5% annual increase recorded in January, according to a flash estimate from the Central Statistics Office (CSO) released today.
The figures, based on the Harmonised Index of Consumer Prices (HICP), indicate that inflationary pressures are easing slightly, though costs in key sectors such as food, energy, and transport continue to fluctuate.
Energy and Food Prices See Mixed Trends
The CSO reported that energy prices increased by 0.7% in February but showed a 2.5% decline compared to the same period last year. Energy prices have been a key driver of inflation in recent years, and the latest figures suggest some stabilization in costs after previous volatility.
Food prices, meanwhile, rose by 0.4% in February and were 2.2% higher than a year ago. Rising food costs have been a persistent concern for consumers, though the current rate of increase is relatively moderate.
Transport Costs and Core Inflation
Transport costs saw a notable rise, increasing by 1.7% in February and up 2.8% year-on-year, reflecting ongoing fluctuations in fuel prices and public transport fares.
Excluding energy and unprocessed food, core Irish HICP inflation stood at 1.7% in February, down from 2% in January. This measure is often used to assess underlying inflation trends by stripping out volatile price categories.
Eurozone Inflation Data Expected Soon
The latest Irish inflation figures come ahead of the Eurostat release of eurozone-wide inflation data on Monday. These broader figures will provide additional insight into how Ireland’s inflation trends compare with the rest of the European Union.
The gradual decline in overall inflation suggests that price pressures may be easing, but fluctuations in key sectors indicate that consumers will still feel the effects of rising costs in certain areas.
