The annual rate of inflation increased to 4.6 per cent last month, the latest Consumer Price Index (CPI) figures from the Central Statistics Office reveal.
The figure was up on that of the previous month, with a rate of 3.9 per cent noted in November.
However, the data suggested a continued slowing of inflation, as the monthly increase between November and December was just 0.5 per cent.
In addition, December was the second consecutive month since September 2021 that the annual growth in the CPI has been below 5 per cent.
Excluding energy and unprocessed food, the CPI rose by 5.8 per cent in the 12 months to December.
The biggest annual increases in prices were seen in Recreation & Culture (+10.3 per cent), followed by Restaurants & Hotels (+6.6 per cent).
"December 2023 was the second month in a row since September 2021 that general inflation has been below the five per cent mark, Lockton Ireland's Dermot Goode said.
"However, there are some areas where consumers and employers won’t see any ease up in prices and health insurance is one of these.
"Cost pressures brought about by medical inflation will likely continue to push up the cost of health insurance. Medical inflation, which is subject to different cost drivers than general inflation, continues to run at between 6 per cent and 8 per cent or even higher."
