Prices soar as inflation is yet to reach its peak

Largest annual increase in more than 20 years

The largest price hikes during March 2022 were in transport which rose by 19% due to soaring diesel and petrol prices.

The pressures caused by the continuing upward trajectory of inflation are “likely” to lead the European Central Bank (ECB) to raise interest rates this year, warns Goodbody economist Shaun McDonnell.

Prices for consumer goods and services rose by 6.7% last month compared with March 2021, the largest annual increase since inflation stood at 7% in November 2000.