Consumer Price Index November 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 1.0% higher in November 2024 compared with November 2023.

The most notable changes in the year were increases in Restaurants & Hotels (+3.8%), Alcoholic Beverages & Tobacco (+3.5%), Recreation & Culture (+2.8%) and Education (+2.3%). The divisions to show a decrease were Clothing & Footwear (-7.5%), Transport (-1.6%), Furnishings, Household Equipment & Routine Household Maintenance (-0.5%) and Housing, Water, Electricity, Gas & Other Fuels (-0.2%).

Consumer Prices in November, as measured by the CPI, decreased by 0.5% in the month. During November of last year, prices fell by 0.8% in the month. The most significant monthly price changes were decreases in Recreation & Culture (-2.6%) and Alcoholic Beverages & Tobacco (-1.2%). The largest increases were recorded in Clothing & Footwear (+0.4%) and Food & Non-Alcoholic Beverages (+0.2%).

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 (+0.73 pp), Miscellaneous Goods & Services (+0.23 pp), Food & Non-Alcoholic Beverages (+0.19 pp) and Recreation & Culture (+0.19 pp).

The divisions to cause a downward contribution to the CPI in the year were Clothing & Footwear (-0.41 pp), Transport (-0.20 pp), Furnishings, Household Equipment & Routine Household Maintenance (-0.03 pp) and Housing, Water, Electricity, Gas & Other Fuels (-0.01 pp).

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

• Restaurants & Hotels rose mainly due to higher prices for food and alcoholic drinks consumed in licensed premises, restaurants, cafes etc.
• Miscellaneous Goods & Services increased primarily due to higher health and motor insurance premiums and an increase in prices in hairdressing salons & personal grooming establishments. This increase was partially offset by lower prices for childcare services and other appliances, articles & products for personal care.
• Food & Non-Alcoholic Beverages rose due to higher prices across a range of products such as chocolate & confectionery, vegetables and mineral waters, soft drinks, fruit & vegetables juices.
• Recreation & Culture increased primarily due to higher prices for recreational & sporting services, package holidays and cultural services.
• Clothing & Footwear fell due to lower prices for garments and shoes & other footwear. 
• Transport decreased primarily due to lower prices for diesel, petrol and airfares. This decrease was partially offset by an increase in the cost of the maintenance & repair of personal transport equipment and other services in respect of personal transport equipment. 
• Furnishings, Household Equipment & Routine Household Maintenance fell mainly due to lower prices for household textiles.
• Housing, Water, Electricity, Gas & Other Fuels decreased primarily due to a reduction in the price of electricity, liquid fuels (home heating oil), gas, and solid fuels. This decrease was partially offset by an increase in the cost of rent and mortgage interest repayments.

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 downward percentage point contributions to the CPI in the month were Recreation & Culture (-0.19 pp) and Restaurants & Hotels (-0.12 pp). The divisions which caused the largest upward percentage point contributions to the CPI in the month were Food & Non-Alcoholic Beverages (+0.02 pp) and Clothing & Footwear (+0.02 pp).

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

• Recreation & Culture fell mainly due to lower prices for package holidays.
• Restaurants & Hotels decreased due to a reduction in the cost of hotel accommodation. This decrease was partially offset by higher prices for alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc. 
• Food & Non-Alcoholic Beverages increased due to higher prices across a range of products such as milk, cheese & eggs.
• Clothing & Footwear rose due to a recovery from 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 2.5% in the year to November, while Goods decreased by 1.1%. Services, excluding mortgage interest repayments, increased by 2.4% in the year since November 2023.

The CPI excluding tobacco decreased by 0.6% in the month of November and rose by 0.8% in the year. The CPI excluding mortgage interest fell by 0.5% in the month and increased by 0.9% 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 0.5% compared with November 2023.

Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were increases in Restaurants & Hotels (+3.7%), Alcoholic Beverages & Tobacco (+3.5%), Recreation & Culture (+2.7%) and Education (+2.2%). There were decreases in Clothing & Footwear (-7.5%), Transport (-1.8%), Miscellaneous Goods & Services (-1.5%) and Housing, Water, Electricity, Gas & Other Fuels (-1.2%).

The HICP decreased by 0.5% in the month. This compares to a decrease of 0.9% recorded in November of last year.

The most significant monthly price changes were decreases in Recreation & Culture (-2.7%) and Alcoholic Beverages & Tobacco (-1.3%). There were increases in Clothing & Footwear (+0.5%) and Food & Non-Alcoholic Beverages (+0.2%).   

National Average Price

National Average Prices for selected goods and services for November 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 November 2024, while the same size brown sliced pan reduced by 1 cent in the year.
• Spaghetti per 500g increased by 1 cent in the year, while the average price for 2.5kg of potatoes was up 18 cents.
• The national average price of full fat milk per 2 litres was up 13 cents in the year, while butter per lb rose by 58 cents and the average price of Irish cheddar per kg increased by 23 cents.
• The national average price of a take-home 50cl can of lager at €2.42 was up 9 cents from November 2023, while a take-home 50cl can of cider at €2.68 was up 8 cents.
• In November 2024, the national average price of a pint of stout in licensed premises was €5.82, up 18 cents in the year, while a pint of lager was €6.26, up 19 cents compared with November 2023.