Ireland’s rate of inflation climbed to 3.7% in the year to April 2026, the highest annual rate recorded in the Consumer Price Index since January 2024, when inflation stood at 4.1%, according to new figures from the Central Statistics Office, reports Breaking News.
The primary drivers behind the increase were transport fuels and home heating oil, which surged on foot of rising global oil prices linked to ongoing conflict in the Middle East.
Diesel prices rose by 26.1% in the year to April to an average of €2.17 per litre, while petrol was up 9.2% and home heating oil increased by 80.4% annually, reports Breaking News.
The largest annual increases across all categories in the year to April 2026 were recorded in Education Services at 8.9%, Housing, Water, Electricity, Gas and Other Fuels at 8.1%, and Clothing and Footwear at 7.9%.
The only category to record a decline compared with April 2025 was Furnishings, Household Equipment and Routine Household Maintenance, which fell by 0.6%, reports Breaking News.
Consumer prices rose by 0.5% in the month between March and April 2026. The largest monthly increases were in Information and Communication at 1.6%, driven primarily by rises in mobile phone charges, and Housing, Water, Electricity, Gas and Other Fuels at 1.1%.
Excluding Energy and Unprocessed Food, the Consumer Price Index grew by 2.6% in the twelve months to April 2026, reports Breaking News.
The CSO noted that some fuel prices were collected before the introduction of additional Government fuel cost measures, meaning the April figures may not fully reflect subsequent interventions, reports Breaking News.
Kate English, Chief Economist at Deloitte Ireland, said the figures made clear that pressure on energy supply chains was pushing prices upward, and that this would be closely monitored by the European Central Bank in the lead-up to its next meeting on interest rates.
She said that while overall inflation in 2026 was not anticipated to reach levels seen in 2022, upward pressure on prices was likely to persist, reports Breaking News.
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