The latest consumer price index from the Irish Central Statistics Office reveal the annual rate of inflation has increased to 5% during March from 4.8% during February.
Higher prices for transportation fuel as well as increases in air fares, mortgage repayments, and home heating oil were the main factors behind the increase.
Two months ago Ireland’s inflation rate was down to 4.3% and most forecasters predicted it would ease considerably further throughout the year.
What has happened since then is that food and energy prices have risen globally and a significant knock on effect on consumer prices has been unavoidable.
Latest figures show that overall the cost of housing electricity and other fuels has risen by 12.3% in a year, while the overall cost of food and non-alcoholic beverages is up by 9.3%.
The cost of bread is up 20% in a year, flour is up 42%, milk is up 31%, mortgage repayments are up 22%, while petrol and diesel are up 12% and 17% respectively.