The figure for February is calculated against February of the previous year. The rate of inflation in January was 7.8%.

February was the seventeenth straight month where the CPI has had an annual increase of at least 5.0%.

The largest increases in inflation in the 12 months to February 2023 were Housing, Water, Electricity, Gas & Other Fuels (+26.0%), and Food & Non-Alcoholic Beverages (+13.1%).

Education (-6.3%) and Miscellaneous Goods & Services (-0.1%) were the only sectors that showed a decrease in inflation when compared with February 2022.

On average, February’s consumer prices increased by 1.6% when compared to January, with the largest increases occurring in Clothing & Footwear (+5.8%) and Recreation & Culture (+3.5%).

Published alongside the CPI today was the National Average Prices for goods in February 2023, which calculates the average price of certain goods in a given month. It showed the average price of a white sliced pan increased by 24c to €1.68, a pound of butter increased by 69c to €3.84, and a 2L carton of milk increased by 48c to €2.27.