Latest reading: Consumer prices fell 0.1% on an annual basis in May, swinging from April’s 0.4% increase. May’s result marked...
Inflation in Ireland
In the year 2024, the inflation in Ireland was 1.33%, compared to 0.30% in 2014 and 5.20% in 2023. It averaged 1.68% over the last decade. For more inflation information, visit our dedicated page.
Ireland Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Ireland from 2024 to 2023.
Source: Macrobond.
Ireland Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | -0.5 | 2.4 | 8.1 | 5.2 | 1.3 |
| Inflation (HICP, ann. var. %, eop) | -1.0 | 5.7 | 8.2 | 3.2 | 1.0 |
| Inflation (Core, ann. var. %, aop) | -0.4 | 2.3 | 7.8 | 5.3 | 1.7 |
| Inflation (WPI, ann. var. %, aop) | -8.7 | -5.2 | 9.0 | -1.3 | 0.9 |
Harmonized inflation increases to over one-year high in April
Latest reading: Harmonized inflation came in at 2.0% in April, which was up from March’s 1.8%. April's result represented the highest inflation rate since February 2024 and matched the ECB’s target. Looking at a breakdown, price pressures picked up for housing and utilities. The figure was pushed up by a low base effect; energy prices plunged in 2024 after surging in prior years as a result of the global energy crisis. Annual average harmonized inflation was unchanged at March's 1.2% in April. Meanwhile, consumer price inflation rose to 2.2% in April from March’s 2.0%. Finally, harmonized consumer prices increased 0.41% from the previous month in April, a smaller increase than March's 0.67% increase. April's result marked the weakest reading since January.
Outlook: Harmonized inflation is seen averaging broadly in line with the ECB’s 2.0% target this year, with lower oil prices offset by higher natural gas prices.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Irish inflation projections for the next ten years from a panel of 16 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Irish inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Irish inflation projections.
Want to get access to the full dataset of Irish inflation forecasts? Send an email to info@focus-economics.com.
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