However, Ireland also has one of the lowest homicide rates in Europe.

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

Energy prices are estimated to have decreased by 5.8% over the 12 months to July.

Darragh O’Brien also said the Government is projecting that more than 30,000 new homes will be built this year.

Darragh O’Brien claimed "everything is trending in the right direction" regarding the Government's measures to tackle the housing crisis

Consumer price growth in the bloc slowed to 9.2% in December from 10.1% a month earlier

The figures from Eurostat showed Ireland's GDP growth is currently at 2.3 per cent

The figure compares with an EU average rent increase of 18 per cent between 2010 and the second quarter of 2022

Consumer price growth in the 19 countries sharing the euro accelerated to 8.6 per cent in June