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Irish CSO Reports


11 December 2014

Irish CSO Reports Consumer Price Index December 2014Irish CSO Reports Consumer Price Index December 2014


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Prices rise by 0.1% in the year to November

Prices on average, as measured by the CPI, were 0.1% higher in November compared with November 2013. The most notable changes in the year were increases in Education (+5.0%), Miscellaneous Goods & Services (+4.0%), Alcoholic Beverages & Tobacco (+3.7%) and Restaurants & Hotels (+1.6%). There were decreases in Clothing & Footwear (-3.2%), Food & Non-Alcoholic Beverages (-2.6%), Furnishings, Household Equipment & Routine Household Maintenance (-2.3%) and Transport (-2.0%). Consumer Prices in November, as measured by the CPI, decreased by 0.3% in the month. This compares to a decrease of 0.2% recorded in November of last year. The most significant monthly price changes were decreases in Transport (-1.7%), Housing, Water, Electricity, Gas & Other Fuels (-0.5%) and Restaurants & Hotels (-0.5%). There were increases in Clothing & Footwear (+1.2%), Miscellaneous Goods & Services (+0.6%) and Recreation & Culture (+0.4%).

Contributions to the overall CPI

 annual change Table 17 shows the contribution of each 2-digit COICOP1 division to the overall change in the CPI. A detailed breakdown of the individual components of each of the 12 COICOP divisions is presented in Tables 4 to 15. The divisions which caused the largest upward contribution to the CPI in the year were Miscellaneous Goods & Services (+0.48%), Restaurants & Hotels (+0.26%) and Alcoholic Beverages & Tobacco (+0.22%). The divisions which caused the largest downward contribution to the CPI in the year were Food & Non-Alcoholic Beverages (-0.30%), Transport (-0.28%) and Clothing & Footwear (-0.15%).

The main factors contributing to the annual change were as follows:

  • Miscellaneous Goods & Services rose primarily due to higher health and motor insurance premiums and the increased costs associated with the local property tax2.
  • Restaurants & Hotels increased mainly due to higher prices for hotel accommodation, alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc.
  • Alcoholic Beverages & Tobacco increased due to higher tobacco prices and higher prices for alcohol sold in off licences and supermarkets.
  • Food & Non-Alcoholic Beverages decreased due to lower prices across a range of products such as meat, vegetables and bread and cereals.
  • Transport fell mainly due to lower petrol and diesel prices and a reduction in the price of motor cars.
  • Clothing & Footwear decreased due to sales.

Contributions to the overall CPI – monthly change

The divisions which caused the largest downward contribution to the CPI in the month were Transport (-0.23%) and Housing, Water, Electricity, Gas & Other Fuels (-0.08%). The divisions which caused the largest upward contribution to the CPI in the month were Miscellaneous Goods & Services (+0.09%) and Clothing & Footwear (+0.05%).

The main factors contributing to the monthly change were as follows:

  • Transport decreased primarily due to lower petrol and diesel prices and a fall in airfares.
  • Housing, Water, Electricity, Gas & Other Fuels fell due to lower mortgage interest repayments and a decrease in the cost of electricity and home heating oil.
  • Miscellaneous Goods & Services rose mainly due to higher health insurance premiums.
  • Clothing & Footwear increased due to a recovery in prices following sales.

CPI sub-indices

The annual rate of inflation for Services was 1.8% in the year to November, while Goods decreased by 2.2%. Services, excluding mortgage interest repayments, increased by 3.1% in the year since November 2013. The CPI excluding tobacco decreased by 0.3% in the month of November and remained unchanged in the year. The CPI excluding mortgage interest decreased by 0.2% in the month and was up by 0.7% in the year.

Harmonised Index of Consumer Prices

Prices on average, as measured by the EU Harmonised Index of Consumer Prices (HICP), increased by 0.2% compared with November 2013. The most notable changes in the year were increases in Education (+5.0%), Housing, Water, Electricity, Gas & Other Fuels (+3.9%), Alcoholic Beverages & Tobacco (+3.7%) and Restaurants & Hotels (+1.7%). There were decreases in Clothing & Footwear (-3.3%), Food & Non-Alcoholic Beverages (-2.6%), Furnishings, Household Equipment & Routine Household Maintenance (-2.4%) and Transport (-2.2%). The HICP decreased by 0.3% in the month. A decrease of 0.1% was recorded in November of last year. The most significant monthly price changes were decreases in Transport (-1.9%) and Restaurants & Hotels (-0.4%). There were increases in Clothing & Footwear (+1.2%) and Recreation & Culture (+0.3%).

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