Consumer Price Index February 2024

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 3.4% higher in February 2024 compared with February 2023.

The most notable changes in the year were increases in Recreation & Culture (+7.0%), Restaurants & Hotels (+6.4%), Food & Non-Alcoholic Beverages (+4.0%) and Housing, Water, Electricity, Gas & Other Fuels (+3.6%). The only divisions to show a decrease were Clothing & Footwear (-3.6%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.2%).

Consumer Prices in February, as measured by the CPI, increased by 1.0% in the month. During February of last year, prices rose by 1.6% in the month. The most significant monthly price changes were increases in Clothing & Footwear (+3.4%) and Transport (+3.0%). The only divisions to show a decrease were Alcoholic Beverages & Tobacco (-0.7%) and Communications (-0.3%).

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 (+1.04 pp), Housing, Water, Electricity, Gas & Other Fuels (+0.67 pp), Recreation & Culture (+0.50 pp) and Food & Non-Alcoholic Beverages (+0.43 pp).

The only divisions to cause a downward contribution to the CPI in the year were Clothing & Footwear (-0.22 pp) and Furnishings, Household Equipment & Routine Household Maintenance (-0.01 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.
• Housing, Water, Electricity, Gas & Other Fuels increased primarily due to a rise in the cost of mortgage interest repayments, rents and services for the maintenance & repair of the dwelling. This increase was partially offset by a reduction in prices for electricity, gas and coal.
• Recreation & Culture rose mainly due to higher prices for package holidays, participation in recreational & sporting services and cultural services. 
• Food & Non-Alcoholic Beverages increased due to higher prices across a range of products such as vegetables, mineral waters, soft drinks, fruit & vegetable juices, bread & cereals, sugar, chocolate & confectionery and meat.
• Clothing & Footwear decreased due to sales.
• Furnishings, Household Equipment & Routine Household Maintenance fell mainly due to lower prices for furniture & furnishings. 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 (+0.25 pp). The only divisions to cause a downward percentage point contribution to the CPI in the month were Alcoholic Beverages & Tobacco (-0.03 pp) and Communications (-0.01 pp).

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

• Transport rose mainly due to higher prices for airfares, diesel, petrol and the maintenance & repair of personal transport equipment.
• Restaurants & Hotels increased 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.
• Alcoholic Beverages & Tobacco fell due to lower prices for alcoholic beverages sold in supermarkets and off licences.
• Communications decreased due to a reduction in the cost of telephone equipment.

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 5.3% in the year to February, while Goods increased by 1.2%. Services, excluding mortgage interest repayments, increased by 3.8% in the year since February 2023.

The CPI excluding tobacco increased by 1.0% in the month of February and rose by 3.4% in the year. The CPI excluding mortgage interest rose by 1.0% in the month and increased by 2.7% 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 2.3% compared with February 2023.

Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were increases in Recreation & Culture (+7.2%), Restaurants & Hotels (+6.4%), Food & Non-Alcoholic Beverages (+4.1%) and Alcoholic Beverages & Tobacco (+3.6%). There were decreases in Clothing & Footwear (-3.5%), Housing, Water, Electricity, Gas & Other Fuels (-1.9%), Health (-0.4%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.2%).

The HICP increased by 1.1% in the month. This compares to an increase of 1.5% recorded in February of last year.

The most significant monthly price changes were increases in Clothing & Footwear (+3.5%) and Transport (+3.2%). There were decreases in Alcoholic Beverages & Tobacco (-0.6%) and Communications (-0.3%).

National Average Price

National Average Prices for selected goods and services for February 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 February 2024, while the same size brown sliced pan reduced by 2 cents in the year.
• Spaghetti per 500g increased by 5 cents in the year while the average price for 2.5kg of potatoes was up 42 cents.
• Full fat milk per 2 litres decreased by 9 cents in the year while butter per lb fell by 11 cents and the average price of Irish cheddar per kg rose by 22 cents.
• The national average price of a take-home 50cl can of lager at €2.35 was up 10 cents on average from February 2023 while a take-home 50cl can of cider at €2.67 was up 13 cents.
• In February 2024, the national average price of a pint of stout in licensed premises was €5.64, up 21 cents in the year, while a pint of lager was €6.06, up 18 cents compared with February 2023.