The annual rate of price inflation rose to a three-year high of 3.9% last month.
This is the first time in six years that the annual rate of inflation has risen for a fifth consecutive month.
Higher oil and petrol prices as well as higher mortgage repayments played significant roles in driving the rate of inflation up.
According to the Consumer Price Index average mortgage repayments have now risen by 25% in the past 12 months.
The cost of natural gas has also gone up by 25% while the cost of home heating oil has risen by 23%.
The index also shows that the cost of petrol is now 16% higher than it was this time last year.
Meanwhile, the European Central Bank has announced an increase in interest rates of 0.25%.
This is the third such increases since last December and brings the ECB's key interest rate to 2.75%.
Banks and other financial institutions are expected to pass the increase fully on to borrowers.
It will result in mortgage repayments rising by €13-€15 per month for every €100,000 borrowed.
