Ireland inflation jumps in March as energy prices surge

Ireland’s annual inflation rate accelerated sharply in March, driven by a surge in energy prices, flash estimates from the Central Statistics Office showed Monday.

The harmonised index of consumer prices rose 3.6% in the 12 months to March, up from 2.5% in February.

On a monthly basis, prices increased 1.8% in March, jumping from a 0.9% rise in February.

The CSO said the rise was largely driven by energy costs, which climbed 11% over the month and were up 12% on an annual basis.

It is the first set of data for Ireland since the US-Israel war against Iran began, which has contributed to the effective closure of the Strait of Hormuz - a key shipping route through which around 20% of global oil and liquefied natural gas supplies typically pass - pushing energy prices sharply higher.

CSO Statistician in the Prices Division Anthony Dawson said: ‘These increases in energy prices may have been influenced by recent events in the Middle East. These prices were collected in mid-March and before the Government measures on energy costs were introduced.’

Excluding energy and unprocessed food, inflation was more subdued, rising 2.6% on-year.

Food prices fell 0.3% over the month but were 2.3% higher compared with a year earlier.

Services prices increased 0.9% on the month and were up 3.3% on an annual basis.

The CSO said the figures are preliminary, with final data due to be released on April 9.

Eurostat is due to publish flash inflation estimates for the eurozone for March on Tuesday.

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