Inflation Ireland 2023
Average inflation: 6.3%
Current Inflation
Inflation is very high at 6.3%, far above the ECB target.
Peak and Trough
The highest inflation was in February at 8.6%. The lowest inflation was in November at 3.9%.
- Highest month
- February: 8.6%
- Lowest month
- November: 3.9%
- Difference
- 4.7 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 16.1%. The lowest price increase was in Education with an average of -4.3%.
- Highest increase
- Housing, water, electricity, gas and other fuels: 16.1%
- Lowest increase
- Education: -4.3%
Historical Context
Current inflation is 2.9% higher than the 5-year average of 3.4%.
- 5-year average
- 3.4%
- 10-year average
- 1.8%
- All-time high (2022)
- 7.8%
- All-time low (2009)
- -4.4%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -1.5 percentage point.
- Change vs. previous year
- -1.5 percentage points
- Largest monthly swing
- November: -5.1 percentage points
ECB Target
Inflation is 4.3% 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 €106.30 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 7.7% | +2.7 |
| February | 8.6% | +3.0 |
| March | 7.6% | +0.9 |
| April | 7.2% | +0.2 |
| May | 6.6% | -1.2 |
| June | 6.1% | -3.0 |
| July | 5.9% | -3.3 |
| August | 6.4% | -2.2 |
| September | 6.4% | -1.9 |
| October | 5.0% | -4.3 |
| November | 3.9% | -5.1 |
| December | 4.6% | -3.5 |
| Average | 6.3% |
Data source
Data from OECD. Last updated: 11/01/2026.