FX.co ★ Irish HICP Swings Back to Inflation in February, Rising 0.7% Month-on-Month

Ireland’s Harmonised Index of Consumer Prices (HICP) returned to positive territory in February 2026, increasing by 0.7% month-on-month after a 1.0% decline in January. The latest reading, updated on 2 March 2026, marks a clear turnaround in short-term price dynamics following the previous month’s negative print.

On a month-over-month basis, February’s “actual” figure reflects price growth compared with January 2026, while January’s “previous” indicator captured the change from December 2025. The shift from a -1.0% move in January to a +0.7% reading in February suggests a rebound in consumer prices, indicating that the brief period of price contraction did not extend into the new month.

The HICP, which is harmonised across EU member states for comparability, is closely watched by markets and policymakers as a gauge of underlying inflation trends. While the data show only a one-month reversal, the move back into positive territory will feed into assessments of Ireland’s near-term inflation trajectory and its alignment with broader euro area price developments.