Ireland: energy inflation rate by commodity 2024

The inflation rates of energy commodity prices in Ireland increased significantly in 2022. Liquid fuels saw the steepest rise, with the inflation rate standing at 126.6 percent in March 2022. Gas also saw an increase during late 2022, with inflation reaching its peak in October 2022 at 93.4 percent. These increases in inflation were driven further by Russia's invasion of Ukraine, which has caused uncertainty over Europe's security of gas supply, as well as intense energy price volatility. By the middle of 2024 however, the energy commodity prices had decreased compared to the previous year.

Harmonized index of consumer prices (HICP) energy inflation rate in Ireland from January 2019 to May 2024, by commodity

Characteristic	Energy	Gas	Liquid fuels	Electricity
May '24	-3.6%	-18.5%	15%	-20.7%
Apr '24	-6.3%	-18.6%	8.1%	-22.2%
Mar '24	-8.4%	-17.7%	1.2%	-21.8%
Feb '24	-6.3%	-12.9%	0.3%	-16.3%
Jan '24	-7.1%	-12%	-10.2%	-15.2%
Dec '23	-6.4%	-12%	-7.6%	-15.2%
Nov '23	-10.2%	-12%	-16.9%	-14.5%
Oct '23	-4.3%	-1%	-15.8%	-5.3%
Sep '23	9.2%	36.7%	-12.1%	23.5%
Aug '23	5.1%	36.7%	-12.9%	25%
Jul '23	-1.3%	45.6%	-31.2%	31.9%
Jun '23	-3%	47.2%	-37.8%	34.6%
May '23	1.9%	47.3%	-34%	34.6%
Apr '23	12.2%	55.7%	-18.3%	51.3%
Mar '23	11.7%	85.8%	-29.1%	62.7%
Feb '23	29.3%	86%	17.2%	62.7%
Jan '23	33.2%	86.3%	35.5%	62.7%
Dec'22	34.4%	86.4%	39.9%	62.7%
Nov'22	43%	88.6%	57.2%	63.4%
Oct'22	47.7%	93.4%	65.4%	71.3%
Sep'22	38.1%	53.1%	83.7%	36.3%
Aug '22	39.9%	56.1%	72.9%	38.2%
Jul '22	48%	56.7%	91.9%	39.9%
Jun '22	54.1%	57.3%	115.3%	41%
May '22	46.2%	57.2%	102.4%	41%
Apr '22	39%	50.5%	90.1%	27.9%
Mar '22	43.8%	27.9%	126.6%	22.3%
Feb '22	30%	27.8%	53.8%	22.3%
Jan '22	29%	27.7%	50.1%	22.3%
Dec '21	30.2%	27.7%	52.8%	22.3%
Nov '21	28.1%	26.2%	71.3%	20.9%
Oct '21	24.1%	22.5%	70.9%	15.3%
Sep '21	18.4%	14.1%	45.9%	20.5%
Aug '21	16.1%	12%	39.3%	18.9%
Jul '21	13.2%	5%	39.6%	11.3%
Jun '21	12.1%	3.4%	41.3%	9.6%
May '21	12.6%	2.6%	56.3%	9.4%
Apr '21	8.1%	-2.1%	28.4%	8.2%
Mar '21	1.2%	-5.1%	5.5%	3.9%
Feb '21	-4.6%	-5.1%	-10.9%	3.9%
Jan '21	-7.9%	-5.1%	-23.3%	3.9%
Dec '20	-8.4%	-5.2%	-26.4%	3.9%
Nov '20	-6.1%	-5.2%	-31.9%	3.9%
Oct '20	-6.8%	-4.7%	-34.7%	3.9%
Sep '20	-7.1%	-6.4%	-30.1%	-2.7%
Aug '20	-6.4%	-6.5%	-26.8%	-2.7%
Jul '20	-6.4%	-6.7%	-27.3%	-2.7%
Jun '20	-9.3%	-6.7%	-31.3%	-2.7%
May '20	-11%	-5.9%	-41.8%	-2.5%
Apr '20	-7.1%	-3.4%	-31.7%	-1.5%
Mar '20	-0.2%	-1%	-14.7%	1.9%
Feb '20	3.7%	0%	-2.7%	2.7%
Jan '20	5.9%	0%	8%	2.7%
Dec '19	1.1%	0.4%	0.5%	3.2%
Nov '19	-1.5%	1.3%	-8.1%	4.1%
Oct '19	-1.5%	1.9%	-8.7%	4.1%
Sep '19	-1.8%	3.8%	-6.7%	-0.7%
Aug '19	-1.3%	3.8%	-6.4%	-0.7%
Jul '19	-0.2%	9.2%	-6.1%	4.2%
Jun '19	1.6%	11%	-6.4%	5.1%
May '19	5%	11%	2.5%	5.1%
Apr '19	5.4%	11%	5%	5.1%
Mar '19	3.7%	10.2%	5.5%	2.9%
Feb '19	1.8%	9.1%	3.2%	2.1%
Jan '19	1.6%	9.1%	-0.9%	4%

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Release date

June 2024

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Region

Ireland

Survey time period

January 2019 to May 2024

Supplementary notes

According to the source, the Harmonized Indices of Consumer Prices (HICP) measure changes in the prices of consumer goods and services over time. These indices provide comparable measures of inflation.

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