Inflation increased by 2.2 per cent in the year to February, according to the latest Harmonised Consumer Price Index (HCPI) estimate figures.

The HCPI adjusts the Consumer Price Indexes of individual countries in the euro zone to allow them to be more accurately compared and to estimate the rate of inflation across the 20 countries that use the euro.

The figures from the Central Statistics Office (CSO) show Ireland’s annual inflation figure of 2.2 per cent noted in February was down from 2.7 per cent recorded the previous month.

On a monthly basis, prices increased by 0.9 per cent between January and February.

Although energy prices increased by 0.5 per cent in the month to February, annually, they were down 6.3 per cent.

Food prices also increased by 0.5 per cent between January and February, and were up 3.7 per cent over the last 12 months.

Excluding energy and unprocessed food prices, inflation was estimated to have increased by 3.1 per cent since February 2023.

The euro zone’s flash estimates will be published by Eurostat on Friday.