Prices for goods produced in Ireland rose in March at eight times the average rate in the euro area, according to the latest figures from EU statistical agency Eurostat.

The industrial producer prices index rose by 1.1% across the euro area in March, compared to February. However, the rate in Ireland was 7.9%.

The next highest increase was recorded in Spain, at 2.5%.

The average increase across the euro area has doubled since the 0.5% recorded in February.

The figures represent the prices of goods produced in Ireland and the prices of goods used in manufacturing and they do not include imports.

Irish manufacturing is dominated by the pharmaceuticals industry.

In March in the euro area, prices in the energy sector rose by 2%, by 1.3% for intermediate goods, 0.8% for non-durable goods, 0.3% for capital goods and 0.2% for durable consumer goods.

Prices for industry, excluding energy, rose by 0.9%.

Prices fell steeply in March last year at the onset of the coronavirus pandemic.

On an annual basis, the increase in industrial producer prices was 4.3% across the euro area, with prices in the energy sector rising by 10.3%.

The annual increase in producer prices in Ireland was 21.1% in March, the highest in the EU. The next highest increase was 10.4% in Denmark.