TheDairySite.com - news, features, articles and disease information for the dairy industry

Irish CSO Reports


11 December 2014

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


CentralStatisticsOffice

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%).

DOWNLOAD REPORT:- Download this report here

Our Sponsors

Partners


Seasonal Picks

British Field Crops 2nd edition