Energy prices jump 15.5% in April due to the Middle East conflict

GDP contracted 2% in the first quarter

The War in Iran led to a spike in fuel prices and widespread protests.

Energy prices in Ireland have jumped 15.5% in the 12 months to April, according to new data from the CSO, as the conflict in the Middle East continues to impact prices here.

Publishing the Flash Estimate for the Harmonised Index of Consumer Prices today, the CSO said the overall inflation rate stands at 3.6% for the second consecutive month.

The CSO said energy prices are estimated to have increased by 2.6% just in the past month. "These increases in energy prices may have been influenced by recent events in the Middle East," CSO Statistician Anthony Dawson said.

"The collection of prices for April 2026 took place between 13-23 April which means that some fuel prices would have been collected before the extra Government measures on fuel costs were introduced."

The CSO said food prices are estimated to have increased by 0.3% in the last month and gone up by 2% in the last 12 months.

Separately, the CSO said early estimates indicate that GDP fell by an estimated 2% in the first quarter.

The contraction was driven mainly by a fall in the multinational-dominated sector of Industry.

Commenting on the data, Robert Purdue, Portfolio Manager at Ebury Ireland, said the GDP figure paints a more concerning picture for the economy.

"While Ireland’s headline growth figures can be volatile given the influence of multinationals, a decline of this scale suggests that global uncertainty, weaker external demand, and a more restrictive trading environment are starting to weigh more heavily on activity," he said.