The Irish inflation rate was expected to jump in March following the rise in energy costs, but the 3.6 per cent annual figure was higher than expectations. Energy prices rose more than 11 per cent in one month. As the war drags on, the likelihood of the rise in the inflation rate being some kind of temporary blip recedes, even if a surge similar to 2022 is not –yet – in prospect. A further surge in wholesale oil prices remains possible and if gas prices remain elevated there will be concerns about electricity costs too. The State remains too exposed to imported fossil fuels and realistically will continue to rely on gas for many years to come.

Source: The Irish Times March 31, 2026 06:04 UTC