Inflation Ireland 2004
Average inflation: 2.2%
Current Inflation
Inflation is normal at 2.2%, around the ECB target.
Peak and Trough
The highest inflation was in November at 2.8%. The lowest inflation was in March at 1.4%.
- Highest month
- November: 2.8%
- Lowest month
- March: 1.4%
- Difference
- 1.4 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Health with an average of 5.9%. The lowest price increase was in Clothing and footwear with an average of -3.5%.
- Highest increase
- Health: 5.9%
- Lowest increase
- Clothing and footwear: -3.5%
Historical Context
Current inflation is 2.0% lower than the 5-year average of 4.2%. This approaches the lowest level since records began (2.2% in 2004).
- 5-year average
- 4.2%
- 10-year average
- 4.2%
- All-time high (2000)
- 5.6%
- All-time low (2004)
- 2.2%
Trend
Inflation shows a downward trend. Compared to 2003, inflation has fallen by +1.3 percentage point.
- Change vs. previous year
- -1.3 percentage points
- Largest monthly swing
- March: -3.5 percentage points
ECB Target
Inflation is close to the ECB target of 2.0%.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €102.20 next year at this inflation rate.
Multi-year trend
Monthly figures 2004
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2003 |
|---|---|---|
| January | 1.7% | -3.1 |
| February | 1.7% | -3.4 |
| March | 1.4% | -3.5 |
| April | 1.4% | -2.9 |
| May | 1.8% | -1.7 |
| June | 2.1% | -1.4 |
| July | 2.6% | -0.6 |
| August | 2.7% | -0.5 |
| September | 2.5% | -0.3 |
| October | 2.7% | +0.4 |
| November | 2.8% | +0.5 |
| December | 2.5% | +0.5 |
| Average | 2.2% |
Data source
Data from OECD. Last updated: 11/01/2026.