Headline Table and Graph

Figure 1 shows the development of the CPI and HICP over recent months. It also shows the recent divergence of the CPI and HICP. This divergence is primarily due to the fact that the CPI includes mortgage interest whereas the HICP does not include mortgage interest.

Annual and Monthly Price Changes

Prices on average, as measured by the CPI, were 2.9% higher in March 2024 compared with March 2023.

The most notable changes in the year were increases in Recreation & Culture (+8.3%), Restaurants & Hotels (+5.5%), Transport (+3.7%) and Miscellaneous Goods & Services (+3.6%). The only divisions to show a decrease were Clothing & Footwear (-6.6%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.6%).

Consumer Prices in March, as measured by the CPI, increased by 0.5% in the month. During March of last year, prices rose by 1.1% in the month. The most significant monthly price changes were increases in Transport (+2.9%) and Recreation & Culture (+2.8%). The largest decreases were recorded in Housing, Water, Electricity, Gas and Other Fuels (-1.8%) and Clothing & Footwear (-1.8%).

Contributions to the Overall CPI

Annual Change

Table 3 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 percentage point (pp) contributions to the CPI in the year were Restaurants & Hotels (+0.95 pp), Recreation & Culture (+0.57 pp), Transport (+0.47 pp) and Miscellaneous Goods & Services (+0.38 pp).

The only divisions to cause a downward contribution to the CPI in the year were Clothing & Footwear (-0.38 pp) and Furnishings, Household Equipment & Routine Household Maintenance (-0.03 pp).

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

• Restaurants & Hotels rose mainly due to higher prices for alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc. and an increase in the cost of hotel accommodation.
• Recreation & Culture increased primarily due to higher prices for package holidays, participation in recreational & sporting services and cultural services.
• Transport rose mainly due to higher prices for petrol, diesel, motor cars, the maintenance & repair of personal transport equipment and services in respect of personal transport equipment. This increase was partially offset by lower prices for airfares.
• Miscellaneous Goods & Services increased primarily due to higher prices for health insurance premiums, hairdressing salons & personal grooming establishments and higher motor insurance premiums. This increase was partially offset by lower prices for jewellery, clocks & watches.
• Clothing & Footwear decreased due to sales.
• Furnishings, Household Equipment & Routine Household Maintenance fell mainly due to lower prices for furniture & furnishings and household textiles. This reduction was partially offset by higher prices for domestic services.

¹_{Classification of Individual Consumption by Purpose Adapted to the Needs of Harmonised Indices of Consumer Prices (2000).}

Monthly Change

The divisions which caused the largest upward percentage point contributions to the CPI in the month were Transport (+0.36 pp) and Restaurants & Hotels (+0.21 pp). The divisions which caused the largest downward percentage point contributions to the CPI in the month were Housing, Water, Electricity, Gas and Other Fuels (-0.29 pp) and Clothing & Footwear (-0.10 pp).

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

• Transport rose mainly due to higher prices for airfares, petrol and diesel.
• Restaurants & Hotels increased due to a rise in the cost of hotel accommodation and higher prices for alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc.
• Housing, Water, Electricity, Gas and Other Fuels fell due to lower prices for electricity, gas and home heating oil. This decrease was partially offset by higher rents and mortgage interest repayments.
• Clothing & Footwear decreased due to sales.

CPI sub-indices

Tables 4 to 15 detail all COICOP¹ sub-indices of the CPI.

Table 2 and table 17 detail selected consumer price index sub-indices. The sub index for Services rose by 4.5% in the year to March, while Goods increased by 0.5%. Services, excluding mortgage interest repayments, increased by 3.1% in the year since March 2023.

The CPI excluding tobacco increased by 0.4% in the month of March and rose by 2.7% in the year. The CPI excluding mortgage interest rose by 0.4% in the month and increased by 2.0% in the year.

¹_{Classification of Individual Consumption by Purpose Adapted to the Needs of Harmonised Indices of Consumer Prices (2000).}

Harmonised Index of Consumer Prices

Prices on average, as measured by the EU Harmonised Index of Consumer Prices (HICP), increased by 1.7% compared with March 2023.

Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were increases in Recreation & Culture (+8.3%), Restaurants & Hotels (+5.5%), Transport (+3.8%) and Alcoholic Beverages & Tobacco (+3.2%). There were decreases in Clothing & Footwear (-6.7%), Housing, Water, Electricity, Gas & Other Fuels (-4.2%), Furnishings, Household Equipment & Routine Household Maintenance (-0.6%) and Health (-0.5%).

The HICP increased by 0.3% in the month. This compares to an increase of 0.9% recorded in March of last year.

The most significant monthly price changes were increases in Transport (+3.1%) and Recreation & Culture (+2.8%). There were decreases in Housing, Water, Electricity, Gas and Other Fuels (-2.3%) and Clothing & Footwear (-1.9%).

National Average Price

National Average Prices for selected goods and services for March 2024 are detailed in Table 20.

Looking at the National Average Prices of some staple items:

• The national average price for bread (large (800g) white sliced pan) was down 3 cents in the year to March 2024, while the same size brown sliced pan also reduced by 3 cents in the year.
• Spaghetti per 500g increased by 3 cents in the year while the average price for 2.5kg of potatoes was up 48 cents.
• Full fat milk per 2 litres decreased by 10 cents in the year while butter per lb fell by 14 cents and the average price of Irish cheddar per kg fell by 26 cents.
• The national average price of a take-home 50cl can of lager at €2.37 was up 9 cents on average from March 2023 while a take-home 50cl can of cider at €2.69 was up 17 cents.
• In March 2024, the national average price of a pint of stout in licensed premises was €5.65, up 17 cents in the year, while a pint of lager was €6.07, up 15 cents compared with March 2023.