Inflation rate dropped to 2.2% in February

Energy prices have fallen more than more than 6%

Food prices are estimated to have increased by 0.5% in the last month and risen by 3.7% in the last 12 months.

Consumer prices in Ireland are estimated to have increased by 2.2% in the 12 months to February.

New data from the Central Statistics Office (CSO) shows the inflation figure dropping sharply from the 2.7% increase recorded in the 12 months to January led by a reduction in energy prices.

The CSO said energy prices are estimated to have risen by 0.5% since January but have by 6.3% over the past year. However, food prices are estimated to have increased by 0.5% in the last month and risen by 3.7% in the last 12 months.

Transport costs have increased by 3.3% in the month and risen by 2.9% in the 12 months to February.

When unprocessed food and energy prices are excluded, the Harmonised Index of Consumer Prices (HICP) increased by 3.1%.

The inflation figures for Ireland will feed into the EU's HICP for the eurozone which will be published tomorrow. The European Central Bank has repeatedly stated that a return of Euro Zone inflation to a target of 2% is needed before they can begin to unwind and reverse the series of interest rate hikes implemented over the past two years to tame inflation that peaked above 10% driven by a surge in energy prices.