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Ireland's inflation rate in March hit a record high in almost 22 years, according to data released by the country's Central Statistics Office (CSO.

The average prices for goods and services in the country, as measured by the Consumer Price Index (CPI), were 6.7 per cent higher in March compared with March 2021, Xinhua news agency cited the CSO as saying.

This is the largest annual increase in the CPI since November 2000 when the annual inflation rate in Ireland soared to 7 per cent, it said.

"Prices have been rising on an annual basis since April 2021, with annual inflation of 5 per cent or more each month since October," said Colin Cotter, a statistician with the CSO.

In March, the largest annual price increases were recorded in the sectors of transport (up 18.7 per cent), housing, water, electricity, gas and other fuels (up 17.4 per cent), and alcoholic beverages and tobacco (up 7 per cent).

Prices for diesel, petrol and airfares were 46 per cent, 35.2 per cent and 69.2 per cent higher respectively in March when compared with March 2021 while prices for electricity, gas and home heating oil increased by 22.4 per cent, 27.9 per cent and 126.6 per cent respectively compared with a year ago.

Miscellaneous goods and services, clothing and footwear, and education were the only divisions to show a price decrease when compared with March 2021, said the CSO.

In March, prices for the above-mentioned three divisions fell 1 per cent, 0.8 per cent and 0.8 per cent respectively, it said.