Your real return depends on your marginal tax rate. If you are in the 0% bracket your real return is about .5%. If your marginal rate is 42% your real return is about minus .8%. These rates of return will vary as interest rates and inflation change.
Whether it's worth saving depends on what your saving for. If it's clothes or a computer, prices are actually falling as the link to the CSO shows. However if your saving for a deposit on a house it certainly has been frustrating.
BTW the most effective way to increase the savings rate would be to increase interest rates or at least offer some degree of tax relief on interest income.
Regards
The real return is zero. But the long term risk of leaving money on deposit is very high. A sudden burst of inflation would do great damage to his deposits.
A real 0 or negative return on savings is immoral. It discourages saving, encourages borrowing,debt and speculation. The authorities should have acted ages ago.
What authorities? The ECB? And what should they do? Increase interest rates just for Ireland? I presume you don't mean that "the authorities" should dictate to financial institutions what minimum rate of deposit interest that they should offer or anything silly like that?