There's a warning inflation could hit 8% by the summer.
CSO figures yesterday showed it reached 6.7% in the year to March, the highest rate in 22 years.
Increasing energy costs drove the rise in prices in the past year, however, that's expected to spread to other areas of the economy.
Chief Economist with KBC Bank, Austin Hughes says some of the figures are 'eye-watering'.
"Inflation now running at 6.7%, the fastest since November 2000, and the monthly rise in March alone is the fastest seven since records began in the mind 1990s.
"The pain people are feeling is being reflected in these numbers."
