Last month, the central bank left its overnight policy rate at a record low of 1.75%. It cut its key rate by 125 basis points last year to prop up the coronavirus-hit economy.
The consumer price index rose 1.55% annually in January, compared with an increase of 1.68% in December and against expectations for a 1.66% rise in a Reuters poll.
The Irish government in October forecast a 2020 GDP contraction of 3.5%. Stockbrokers Davy on Thursday forecast Irish GDP growth of 3.3% in 2020 and 4.8% in 2021.
In a sign the board was bracing for a long-term battle to ease the strain from COVID-19, one board member said the BOJ must "deeply discuss" policy responses aimed at achieving its 2% inflation target, according to the minutes.
"Respectively, these same funds will no longer be available for lending, which will eventually lead to a liquidity deficit and as a consequence, rising rates," he said.