The annual rate of inflation, at 6.7%, is at its highest level in 22 years, while the monthly increase in prices between February and March was the largest in 25 years.
According to the latest figures from the CSO, it's the largest annual increase since November 2000, when inflation hit 7%.
The largest prices increases in the 12 months to March were in Transport at over 18% and housing, electricity and gas at more than 17%.
The cost of alcohol went up by 7%.
CSO figures show on a monthly basis between February and March prices rose by 1.9%, that's the largest monthly increase since 1997.
The Tánaiste has said pay increases across the economy could actually worsen the cost of living crisis.
Leo Varadkar says the government is looking at further pay increases for the public service this year.
It comes after a stormy meeting of the Fine Gael Parliamentary Party last night dominated by concerns over the cost of living.
He said pay rises are not going to solve the issue alone:
"It's a mistake to think that pay rises will sove the problem of inflation. Pay rises won't bring down the cost of living.
"In fact, some pay rises may end up increasing the cost of living. Because, a lot of businesses will have to fund those pay rises by increasing what they charge for customers for goods and services.
"So you want pay rises, but not payrises that contribute to inflation and make the situation worse."
