Consumer Price Index August 2024

Headline Table and Graph

Figure 1 shows the development of the CPI and HICP over recent months. It also shows the recent difference between the CPI and HICP. This difference is primarily due to the fact 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 1.7% higher in August 2024 compared with August 2023.

The most notable changes in the year were increases in Restaurants & Hotels (+4.5%), Miscellaneous Goods & Services (+4.1%), Transport (+4.0%) and Alcoholic Beverages & Tobacco (+3.7%). The divisions to show a decrease were Clothing & Footwear (-6.2%), Housing, Water, Electricity, Gas & Other Fuels (-1.9%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.8%).

Consumer Prices in August, as measured by the CPI, increased by 0.1% in the month. During August of last year, prices rose by 0.7% in the month. The most significant monthly price changes were increases in Clothing & Footwear (+2.8%) and Restaurants & Hotels (+0.5%). The only declines were recorded in Recreation & Culture (-1.4%) and Transport (-0.8%).

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 (+0.90 pp), Transport (+0.49 pp), Miscellaneous Goods & Services (+0.43 pp) and Food & Non-Alcoholic Beverages (+0.21 pp).

The divisions to cause a downward contribution to the CPI in the year were Clothing & Footwear (-0.35 pp), Housing, Water, Electricity, Gas & Other Fuels (-0.33 pp) and Furnishings, Household Equipment & Routine Household Maintenance (-0.04 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.
• Transport increased primarily due to higher prices for airfares, petrol, diesel, motor cars and the maintenance & repair of personal transport equipment.
• Miscellaneous Goods & Services rose mainly due to higher premiums for health and motor insurance and an increase in prices for hairdressing salons & personal grooming establishments. This increase was partially offset by lower prices for appliances, articles & products for personal care and jewellery, clocks & watches. 
• Food & Non-Alcoholic Beverages increased due to higher prices across a range of products such as vegetables, sugar, chocolate & confectionery and mineral waters, soft drinks, fruit & vegetables juices.
• Clothing & Footwear decreased due to lower prices for garments and shoes & other footwear. 
• Housing, Water, Electricity, Gas & Other Fuels decreased due to a reduction in the price of electricity, gas, liquid fuels (home heating oil) and coal. This decrease was partially offset by an increase in the cost of mortgage interest repayments and rents.  
• Furnishings, Household Equipment & Routine Household Maintenance fell mainly due to lower prices for household textiles.

 

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 Clothing & Footwear (+0.13 pp) and Restaurants & Hotels (+0.10 pp). The only divisions which caused downward percentage point contributions to the CPI in the month were Recreation & Culture (-0.10 pp) and Transport (-0.09 pp).

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

• Clothing & Footwear increased due to a recovery from sales.
• Restaurants & Hotels rose due to higher prices for accommodation and alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc.
• Recreation & Culture decreased primarily due to a fall in the cost of package holidays.
• Transport fell mainly due to lower prices for airfares. 

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 2.9% in the year to August, while Goods decreased by 0.1%. Services, excluding mortgage interest repayments, increased by 2.3% in the year since August 2023.

The CPI excluding tobacco increased by 0.1% in the month of August and rose by 1.6% in the year. The CPI excluding mortgage interest rose by 0.1% in the month and increased by 1.4% 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 1.1% compared with August 2023.

Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were increases in Restaurants & Hotels (+4.4%), Transport (+4.3%), Alcoholic Beverages & Tobacco (+3.7%) and Food & Non-Alcoholic Beverages (+2.0%). There were decreases in Clothing & Footwear (-6.2%), Housing, Water, Electricity, Gas & Other Fuels (-4.9%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.8%).

The HICP increased by 0.1% in the month. This compares to an increase of 0.5% recorded in August of last year.

The most significant monthly price changes were increases in Clothing & Footwear (+2.8%) and Restaurants & Hotels (+0.5%). There were decreases in Recreation & Culture (-1.4%) and Transport (-0.9%).

National Average Price

National Average Prices for selected goods and services for August 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 4 cents in the year to August 2024, while the same size brown sliced pan reduced by 1 cent in the year.
• Spaghetti per 500g decreased by 2 cents in the year, while the average price for 2.5kg of potatoes was up 59 cents.
• The national average price of full fat milk per 2 litres was unchanged in the year, while butter per lb rose by 17 cents and the average price of Irish cheddar per kg decreased by 11 cents.
• The national average price of a take-home 50cl can of lager at €2.43 was up 9 cents from August 2023, while a take-home 50cl can of cider at €2.67 was also up 9 cents.
• In August 2024, the national average price of a pint of stout in licensed premises was €5.81, up 27 cents in the year, while a pint of lager was €6.24, up 25 cents compared with August 2023.