Inflation Ireland 2022
Average inflation: 7.8%
Inflation in 2022
Inflation is very high at 7.8%, far above the ECB target.
Peak and Trough
The highest inflation was in October at 9.3%. The lowest inflation was in January at 5.0%.
- Highest month
- October: 9.3%
- Lowest month
- January: 5.0%
- Difference
- 4.3 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Housing, water, electricity, gas and other fuels with an average of 20.5%. The lowest price increase was in Education with an average of -2.3%.
- Highest increase
- Housing, water, electricity, gas and other fuels: 20.5%
- Lowest increase
- Education: -2.3%
Historical Context
Inflation is 5.6 percentage points higher than the 5-year average of 2.2%. This approaches the highest level since records began (7.8% in 2022).
- 5-year average
- 2.2%
- 10-year average
- 1.2%
- All-time high (2022)
- 7.8%
- All-time low (2009)
- -4.4%
Trend
Over the period 2020-2022, inflation shows an upward trend. Compared to 2021, inflation has risen by 5.5 percentage points.
- Change vs. previous year
- +5.5 percentage points
- Largest monthly swing
- June: +7.6 percentage points
ECB Target
Inflation is 5.8 percentage points above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €107.80 next year at this inflation rate.
Multi-year trend
Monthly figures 2022
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2021 |
|---|---|---|
| January | 5.0% | +5.2 |
| February | 5.6% | +6.1 |
| March | 6.7% | +6.7 |
| April | 7.0% | +6.1 |
| May | 7.8% | +6.0 |
| June | 9.1% | +7.6 |
| July | 9.2% | +7.1 |
| August | 8.6% | +5.6 |
| September | 8.3% | +4.6 |
| October | 9.3% | +4.4 |
| November | 9.0% | +3.7 |
| December | 8.1% | +2.5 |
| Average | 7.8% |
Data source
Data from OECD. Last updated: 23/05/2026.