That's according to one economist, after the latest CSO figures showed prices rose by 7% in the year to April.
That's the highest annual increase in prices since November 2000.
Economist Jim Power says while the figures reflect increased transport and fuel prices, there are indications the cost of food is becoming an issue:
"I think the more interesting and worrying aspect of the inflation situation at the moment is that food price inflation is gradually edging up 3.5% in the year to April. Flour prices are up 11%, bread over 8% and pasta almost 12%. These pressures on food prices are reflecting what's going on in Ukraine."
