Inflation up to 1.8% ahead of US tariffs announcement
Food prices were estimated to have increased by 3.2% over the last year.
The rate of annual inflation in Ireland increased to 1.8% during March due in large part to an increase in food prices, a flash estimate of the EU Harmonised Index of Consumer Prices (HICP) shows.
According to the flash HICP, prices in Ireland rose by 1.8% in March compared to the 1.4% annual inflation recorded in February. The eurozone average HICP during February was 2.3%.
The HICP is different to the regular measure of inflation in Ireland, the Consumer Price Index, but allows inflation to be compared across other countries in Europe.
The data shows that during the last 12 months, food prices were estimated to have risen by 3.2% which was offset slightly by a 0.4% decline in energy prices.
Excluding energy and unprocessed food, inflation is estimated to have gone up by 2% since March 2024.
Transport costs by 1.7% in the year to the end of March.
These figures come as US president Donald Trump is expected to unveil a raft of tariffs against European goods on Wednesday. The EU is expected to lay out their retaliatory tariffs by the middle of April.
A trade war between the US and the EU, which will lead to price increases, is going to make the decisions around interest rates much more difficult for the European Central Bank (ECB).
The ECB are due to meet on April 16 and April 17 to decide if more interest rate cuts are needed.
Eurostat will publish flash estimates of inflation for March from the EU HICP tomorrow.
