In 2023, the inflation rate in Ireland amounted to about 5.21 percent compared to the previous year. Ireland’s inflation is forecast to stabilize over the coming years at around two percent.
The Irish recession
Ireland’s economy was the first one in the EU to collapse and enter a recession during the financial crisis of 2008. Unemployment skyrocketed, gross domestic product declined, many Irish workers emigrated to find jobs elsewhere, and even a decade later, Ireland still struggles to return to its former standards. GDP growth, for example, still fluctuates considerably, just like inflation, and unemployment seems to have only just recovered.
To good health and a stable economy
The Central European Bank recommends a stable inflation around two percent as ideal, and Ireland seems to be on the right track. Most of its GDP is generated by services, for example tourism and financial services. However, the alcohol industry is also an important player: In 2018, more than 3.7 billion U.S. dollars in revenue were reported by the Irish alcoholic drinks market.
Ireland: Inflation rate from 1987 to 2029
(compared to the previous year)
Characteristic
Inflation rate compared to previous year
2029*
2%
2028*
1.98%
2027*
1.96%
2026*
1.95%
2025*
2%
2024*
2.38%
2023
5.21%
2022
8.05%
2021
2.41%
2020
-0.44%
2019
0.86%
2018
0.72%
2017
0.26%
2016
-0.18%
2015
-0.05%
2014
0.3%
2013
0.54%
2012
1.89%
2011
1.21%
2010
-1.64%
2009
-1.68%
2008
3.12%
2007
2.89%
2006
2.67%
2005
2.2%
2004
2.31%
2003
4%
2002
4.69%
2001
4%
2000
5.3%
1999
2.41%
1998
2.13%
1997
1.25%
1996
2.18%
1995
2.52%
1994
2.37%
1993
1.42%
1992
3.15%
1991
3.13%
1990
3.36%
1989
3.99%
1988
2.17%
1987
3.15%
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IMF. (April 22, 2024). Ireland: Inflation rate from 1987 to 2029 (compared to the previous year) [Graph]. In Statista. Retrieved November 18, 2024, from https://www.statista.com/statistics/375229/inflation-rate-in-ireland/
IMF. "Ireland: Inflation rate from 1987 to 2029 (compared to the previous year)." Chart. April 22, 2024. Statista. Accessed November 18, 2024. https://www.statista.com/statistics/375229/inflation-rate-in-ireland/
IMF. (2024). Ireland: Inflation rate from 1987 to 2029 (compared to the previous year). Statista. Statista Inc.. Accessed: November 18, 2024. https://www.statista.com/statistics/375229/inflation-rate-in-ireland/
IMF. "Ireland: Inflation Rate from 1987 to 2029 (Compared to The Previous Year)." Statista, Statista Inc., 22 Apr 2024, https://www.statista.com/statistics/375229/inflation-rate-in-ireland/
IMF, Ireland: Inflation rate from 1987 to 2029 (compared to the previous year) Statista, https://www.statista.com/statistics/375229/inflation-rate-in-ireland/ (last visited November 18, 2024)
Ireland: Inflation rate from 1987 to 2029 (compared to the previous year) [Graph], IMF, April 22, 2024. [Online]. Available: https://www.statista.com/statistics/375229/inflation-rate-in-ireland/