Inflation is now at its highest rate since October, according to the latest figures published today.
The Central Statistics Office says the annual rate of inflation rose to 3% last month from 2.5% in December.
The rise is due to increases in average mortgage interest repayments, as well as electricity prices and bin charges.
The CSO says that consumer prices in January decreased by 0.3% in the month.
This compared to a decrease of 0.8% in January of 2004 and as a result, the annual rate of inflation increased.
The annual rate of inflation for goods was 1.4% in January, while the corresponding rate for services was 4.4%.
January saw an increase in average mortgage interest repayments, as the main bankers increased their interest rates after the ECB rate increase.
There were also increases in the prices charged for electricity and refuse collection. Health costs also rose due to an increase in hospital charges.
Prices of clothing, footwear and furnishings fell last month with the traditional January sales, while prices for motor and home insurance were also lower.
