The rate of inflation hit 5.6% in February, according to new figures from the Central Statistics Office.
The jump in the annual rate of inflation is the largest increase in prices in 21 years, driven largely by soaring energy costs.
It comes as concerns over the growing cost of living dominate politics in the Republic of Ireland, as the backdrop of the war in Ukraine threatens to push the price of fuel and goods even higher.
While prices have been rising steadily since last year, a jump of 5.6% is the largest increase in inflation since April 2001.
A cut in excise duty on fuel, announced by the Government on Wednesday and designed to alleviate some of the pressures on the public, took effect from midnight.
However, opposition parties say that the move, which amounts to a cut of 20 cent per litre on petrol and 15 cent per litre of diesel, does not go far enough.
On Wednesday, Finance Minister Paschal Donohoe admitted that the crisis on the continent will have an effect on Ireland that is as yet to be determined.
"The Government has responded to help to ease the impact of these price changes. But we cannot protect citizens and businesses from the entire cost," Mr Donohoe warned.
"The Government does want to be very honest about what we can do and the level of protection and support that we can offer. We can make a difference."
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