Consumer Price Index May 2024

Headline Table and Graph

Figure 1 shows the development of the CPI and HICP over recent months. It also shows the recent differences between the CPI and HICP. This difference 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 2.6% higher in May 2024 compared with May 2023.

The most notable changes in the year were increases in Transport (+6.7%), Restaurants & Hotels (+4.7%), Recreation & Culture (+4.4%) and Alcoholic Beverages & Tobacco (+3.5%). The only divisions to show a decrease were Clothing & Footwear (-6.3%) and Furnishings, Household Equipment & Routine Household Maintenance (-1.4%).

Consumer Prices in May, as measured by the CPI, increased by 0.5% in the month. During May of last year, prices rose by 0.3% in the month. The most significant monthly price changes were increases in Restaurants & Hotels (+1.5%) and Transport (+1.4%). The only declines were recorded in Furnishings, Household Equipment & Routine Household Maintenance (-0.2%) and Alcoholic Beverages & Tobacco (-0.1%).

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 (+0.84 pp), Miscellaneous Goods & Services (+0.37 pp) and Recreation & Culture (+0.31 pp).

The only divisions to cause a downward contribution to the CPI in the year were Clothing & Footwear (-0.35 pp) and Furnishings, Household Equipment & Routine Household Maintenance (-0.08 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.
• Transport increased primarily due to higher prices for diesel, petrol, airfares, motor cars and the maintenance & repair of personal transport equipment. 
• Miscellaneous Goods & Services rose mainly due to higher health and motor insurance premiums and an increase in prices for hairdressing salons & personal grooming establishments. This increase was partially offset by lower prices for jewellery, clocks & watches and appliances, articles & products for personal care. 
• Recreation & Culture increased primarily due to higher prices for package holidays, participation in recreational & sporting services and cultural services.
• Clothing & Footwear decreased due to sales. 
• Furnishings, Household Equipment & Routine Household Maintenance fell mainly due to lower prices for furniture & furnishings and 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 Restaurants & Hotels (+0.30 pp) and Transport (+0.17 pp). The only divisions to cause a downward percentage point contribution to the CPI in the month were Furnishings, Household Equipment & Routine Household Maintenance (-0.01 pp) and Alcoholic Beverages & Tobacco (-0.01 pp).

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

• 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.
• Transport rose mainly due to higher prices for airfares.
• Furnishings, Household Equipment & Routine Household Maintenance decreased primarily due to lower prices for household textiles and furniture & furnishings.
• Alcoholic Beverages & Tobacco fell mainly due to lower prices for wine sold in supermarkets and off licences. 

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 3.7% in the year to May, while Goods increased by 1.3%. Services, excluding mortgage interest repayments, increased by 2.8% in the year since May 2023.

The CPI excluding tobacco increased by 0.6% in the month of May and rose by 2.6% in the year. The CPI excluding mortgage interest rose by 0.6% in the month and increased by 2.2% 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 2.0% compared with May 2023.

Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were increases in Transport (+7.1%), Restaurants & Hotels (+4.7%), Recreation & Culture (+4.4%) and Alcoholic Beverages & Tobacco (+3.6%). There were decreases in Clothing & Footwear (-6.2%), Housing, Water, Electricity, Gas & Other Fuels (-3.2%) and Furnishings, Household Equipment & Routine Household Maintenance (-1.5%).

The HICP increased by 0.6% in the month. This compares to an increase of 0.3% recorded in May of last year.

The most significant monthly price changes were increases in Restaurants & Hotels (+1.5%) and Transport (+1.5%). There were decreases in Furnishings, Household Equipment & Routine Household Maintenance (-0.2%) and Alcoholic Beverages & Tobacco (-0.1%).

National Average Price

National Average Prices for selected goods and services for May 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 6 cents in the year to May 2024, while the same size brown sliced pan reduced by 5 cents in the year.
• Spaghetti per 500g decreased by 1 cent in the year while the average price for 2.5kg of potatoes was up 59 cents.
• Full fat milk per 2 litres decreased by 3 cents in the year while butter per lb fell by 5 cents and the average price of Irish cheddar per kg rose by 5 cents.
• The national average price of a take-home 50cl can of lager at €2.41 was up 9 cents on average from May 2023, while a take-home 50cl can of cider at €2.68 was up 12 cents.
• In May 2024, the national average price of a pint of stout in licensed premises was €5.77, up 27 cents in the year, while a pint of lager was €6.17, up 20 cents compared with May 2023.