Irish inflation falls below ECB target rate of 2% for first time in nearly three years

Headline price growth in economy falls to 1.7% in March, according to CSO’s harmonised index of consumer prices

Irish consumer price inflation in March fell below 2% for the first time in three years, according to figures from the CSO. Photograph: Philip Toscano/PA Wire’s latest flash estimate for the harmonised index of consumer prices indicated that prices rose by 1.7 per cent in the 12 months to March this year.The annual figure was down from a rate of 2.3 per cent in February. The softening of price growth was driven by falling energy prices, which declined by 3.

Frankfurt is expected to implement two, three or even possibly four interest rate cuts this year as price growth eases. Food prices were estimated to have declined by 0.1 per cent in March but to have risen by 2.6 per cent in the past 12 months. Conversely transport costs rose by 3.1 per cent in the month and increased by 3.8 per cent in the 12 months to March.

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