Economy

Inflation fell below 4% in February

Higher prices for alcohol and food in restaurants and cafes, as well as an increase in hotel accommodation costs, drove inflation of 6.4 per cent in the hospitality sector

The sectors with the largest annual price increases were recreation and culture (7 per cent) and restaurants & hotels (6.4 per cent). Picture: Getty Images

Inflation fell to 3.4 per cent in February, down from an annual rate of 4.1 per cent in January.

The Consumer Price Index (CPI), the main metric tracking inflation in Ireland, showed that the price of consumer goods rose by 3.4 per cent between February 2023 and February 2024 – the fourth consecutive month where inflation rate was lower than 5 per cent.

These four months represent the only four times that the inflation rate ...