late 14c., from Old French irascible (12c.) and directly from Late Latin irascibilis, from Latin irasci "be angry, be in a rage," from ira "anger" (see ire).
Irascible indicates quicker and more intense bursts of anger than irritable, and less powerful, lasting, or manifest bursts than passionate. [Century Dictionary]
-ity
word-forming element making abstract nouns from adjectives and meaning "condition or quality of being ______," from Middle English -ite, from Old French -ete (Modern French -ité) and directly from Latin -itatem (nominative -itas), suffix denoting state or condition, composed of -i- (from the stem or else a connective) + the common abstract suffix -tas (see -ty (2)).
Roughly, the word in -ity usually means the quality of being what the adjective describes, or concretely an instance of the quality, or collectively all the instances; & the word in -ism means the disposition, or collectively all those who feel it. [Fowler]