Consumer prices rose by 3.7% in the year to April - the highest annual inflation rate since the beginning of 2024 - according to the latest figures from the Central Statistics Office.
The increase was largely driven by energy-price rises - including for home heating oil, which has surged in cost by more than 80% in the past year.
The CSO figures also show diesel prices are up by 26.1% since April 2025 to an average price of €2.17 per litre (an increase of 45 cent on the same time last year).
Petrol has risen by 9.2% over the same period to €1.91 per litre (an increase of 16 cent per litre on April 2025).
Overall the divisions with the largest increases in the 12 months to April were education (+8.9%), 'Housing, Water, Electricity, Gas & Other Fuels' (+8.1%), and clothing & footwear (+7.9%).
Meanwhile, the cost of refuse collection rose by 10.2%.
However, passenger air fares fell by 18.4% in April compared to the same month last year.
In its analysis, the CSO notes that the collection of prices for April 2026 took place between 13-23 April, "which means that some fuel prices were collected before the introduction of additional Government measures on fuel costs".
Kate English, Chief Economist at Deloitte Ireland, said that what is clear from the Consumer Price Index published today is that the pressure on energy supply chains is driving prices up.
The economist said this will be something the European Central Bank monitors closely one month out from its next meeting on interest rates.
"While overall inflation in 2026 is not anticipated to reach levels recorded in 2022, upward pressure is likely to remain on prices," the economist said.
"Our inflation rate will inevitably be tied to the length of this ongoing conflict in the Gulf region and the impacts of the aftermath," she added.
