Inflation in the Irish economy fell to 2.2 per cent in February, down from 2.7 per cent the previous month, as the past year has seen energy prices fall and food prices climb.

The latest flash estimate from the harmonised index of consumer prices (HICP) published by the Central Statistics Office (CSO) shows prices in Ireland grew by 0.9 per cent between January and February, and increased by 2.2 per cent in the 12 months to February.

This compares with HICP inflation of 2.7 per cent in Ireland in the 12 months to January, and an annual increase of 2.8 per cent in the HICP for the euro zone in the same period.

The euro-zone HICP flash estimate for February is due to be published by Eurostat on Friday.

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Looking at the components of Ireland’s flash HICP for February, the CSO estimated that energy prices rose by 0.5 per cent in the month, but fell by 6.3 per cent over the 12 months to February.

Meanwhile, food prices are estimated to have increased by 0.5 per cent in the last month and risen by 3.7 per cent in the last 12 months.

The HICP excluding energy and unprocessed food is estimated to have increased by 3.1 per cent since February 2023.

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Transport costs have also increased, by 3.3 per cent in the month and by 2.9 per cent in the year to February 2024.

Flash estimates are subject to revision when the final HICP results are published in March.

The HICP is an index of consumer prices that has been harmonised to allow comparisons across euro-zone countries. The CSO compiles HICP flash estimates and final results, and submits them to Eurostat.

Separately, the consumer price index (CPI) is the official measure of inflation for Ireland and is published monthly by the CSO. The CPI release for February will be published on March 14th, and will include the final results of Ireland’s February HICP.

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