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Ireland Inflation March 2023

Ireland: Harmonized inflation declines to one-year low in March

Harmonized inflation came in at 6.9% in March, down from February’s 8.1%. March’s result represented the lowest inflation rate since March 2022. The reading was driven by moderating price pressures for transportation and housing and utilities.

The trend was unchanged, with annual average harmonized inflation coming in at February’s 8.5% in March. Meanwhile, consumer price inflation fell to 7.7% in March, from February’s 8.5%.

Finally, harmonized consumer prices increased 1.04% in March over the previous month, which was below the 1.49% rise recorded in February.

Our panelists see inflation declining to 3.1% by Q4 2023. Despite being substantially above the 10-year pre-pandemic average of 0.4%, this inflation figure would be the lowest since Q3 2021. A tougher base effect and government measures will bring price pressures down gradually. In February, the government unveiled a EUR 505 million cost-of-living package, and in March cut the tax on gasoline. Also in March, Prime Minister Varadkar said that the government was considering other measures such as subsidizing some state services and higher education.

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