Inflation in Ireland eased to an annual rate of 1.8% in February, down slightly from 1.9% in January, according to new figures released by the Central Statistics Office (CSO). Despite the overall slowdown, rising costs in key sectors such as food, transport, and hospitality continued to put pressure on consumers.
The data revealed that prices in restaurants and hotels saw a 3.1% increase, primarily due to higher costs for alcoholic drinks and food consumed in licensed premises, restaurants, and cafés. Tobacco products also became more expensive over the month.
Transport costs climbed as well, driven by higher prices for airfares, petrol, diesel, and vehicle maintenance. However, this increase was partially offset by a slight reduction in car prices. Meanwhile, health and motor insurance premiums rose, along with prices for personal services such as hairdressing.
Food prices remained a concern, with increases reported for several everyday grocery items. The CSO noted that chocolate and confectionery, milk, cheese, eggs, mineral water, soft drinks, bread, and cereals all saw price hikes in February. However, there was some relief in the clothing and footwear sector, where prices declined compared to the same time last year.
Excluding energy and unprocessed food, the Consumer Price Index rose by 2.2% in the 12 months to February, highlighting continued underlying inflationary pressures.
The CSO also published its National Average Prices report, detailing the cost of selected goods and services for February. Key findings included a 70-cent increase in the price of a pound of butter, a 50-cent rise in the price of Irish cheddar per kilogram, and a 26-cent hike for two litres of full-fat milk. Spaghetti saw a modest three-cent increase per 500g pack.
On the other hand, slight decreases were noted in some staple foods. The price of a 2.5kg bag of potatoes fell by one cent, while an 800g loaf of brown sliced bread also dropped by a cent. The cost of an 800g loaf of white sliced bread remained unchanged from the previous year.
The latest inflation figures suggest a gradual easing of price pressures, but persistent increases in key consumer goods and services indicate that households may still feel the pinch in the months ahead.
