Annual inflation rose to 8% in February from 7.5% in January following three months of contraction, according to a flash estimate for the EU Harmonised Index of Consumer Prices (HICP) for Ireland.

Inflation here compares to inflation of 8.6% for the entire eurozone, with consumer prices in Ireland found to have increased 1.4% last month.

Energy prices were judged to have declined 0.2% in February but have risen 29.2% over the past year as the war in Ukraine has raged. Food prices rose 1.2% last month and 13.4% year-on-year, while transport costs have risen 3.6% in the past year.

Excluding energy, the HICP is estimated to have grown 5.8% since last February. Estimates for the wider eurozone will be published on Thursday.

“The latest flash estimate of the Harmonised Index of Consumer Prices (HICP), compiled by the CSO, indicates that prices for consumer goods and services in Ireland are estimated to have increased by 8.0% in the past year," said Anthony Dawson, statistician in the prices division at the Central Statistics Office (CSO).

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"Prices are estimated to have risen by 1.4% since January 2023. Looking at the components of the flash HICP in Ireland for February 2023, energy prices are estimated to have fallen by 0.2% in the month and increased 29.2% since February 2022.

"The HICP excluding energy prices is estimated to have risen by 5.8% since February 2022."

While the initial flash estimate of HICP inflation last month was 7.7%, the latest release pegs January HICP inflation in Ireland at 7.5%. The CSO's consumer price index measured inflation at 7.8% last month.

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