Sinn Féin accused the Government of having ‘failed to exert any real pressure’ on retailers over high prices.

Food prices fell by just under 1 per cent and rose 4 per cent in the year.

The rise in the price of food and drink saw restaurant and hotel prices go up by 3.7 per cent over the year.

Coupled with other expenses like presents, trees, and socialising, Christmas costs could reach approximately €1,724, according to Switcher.ie.

This compares with inflation of 2.3 per cent in Ireland in the 12 months to February 2024 and an annual increase of 2.6 per cent in the HICP for the Eurozone in the same period.

Energy prices fell by 6.3 per cent in the year to February