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 HI for the Eurozone in the same period.

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

Bread, bacon, sausages, butter, milk and tomatoes are all marginally cheaper compared to last month, the data shows.

Food prices are estimated to have increased by 0.4 per cent in the last month and are up by 12.5 per cent in the last 12 months.

Mr Nash acknowledged that supermarkets could be “playing catch up” in of lost profits in the aftermath of the illegal Russian invasion of Ukraine

Domestic producer prices for manufactured goods were on average 7.8 per cent higher in April compared with a year earlier

Some retailers are securing significantly bigger margins on their profits in Ireland than they would in other markets, Leo Varadkar said.

Labour TD Ged Nash said supermarkets announcing price reductions on some food items before a meeting with Minister for State Neale Richmond was a "PR exercise"

Grocery price inflation in Ireland remains consistently high

Representatives from major supermarkets will gather for the meeting on Wednesday, which has been called by Neale Richmond, the minister of state with responsibility for retail business.

It comes just days after the price of milk was cut at supermarkets

Supermarket food prices over the three months to March 19th were up by 16.8% when compared to the same 12-week period last year

Food prices were 17 per cent higher than the EU average