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The Consumer Price Index (CPI) rose by 6.4% between September 2022 and September 2023, up from an annual increase of 6.3% in the 12 months to August 2023.
This is the twenty fourth straight month where the annual increase in the CPI has been at least 5.0%.
Excluding energy and unprocessed food, the CPI rose by 6.1% in the 12 months to September 2023.
The divisions with the largest increases in the 12 months to September 2023 were Housing, Water, Electricity, Gas & Other Fuels (+16.9%) and Recreation & Culture (+9.4%).
Education (-6.3%) was the only division to show a decrease when compared with September 2022.
Consumer prices rose by 0.1% in the month between August 2023 and September 2023.
The divisions with the largest growth in the month were Clothing & Footwear (+3.3%) and Housing, Water, Electricity, Gas & Other Fuels (+1.0%).
The divisions with declines in the month were Recreation & Culture (-3.0%), Transport (-1.0%) and Health (-0.2%).
This is an audio file with a 19-second quote from CSO statistician with the Prices Division, Anthony Dawson, about the September 2023 Consumer Price Index release.
Media outlets have permission to use the clip as long as they credit the CSO.
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.
CPI and HICP | |||||||
CPI | HICP | ||||||
% monthly change | % annual change | % monthly change | % annual change | ||||
May 2023 | 0.3 | 6.6 | 0.3 | 5.4 | |||
Jun 2023 | 0.8 | 6.1 | 0.8 | 4.8 | |||
Jul 2023 | 0.2 | 5.8 | 0.2 | 4.6 | |||
Aug 2023 | 0.7 | 6.3 | 0.5 | 4.9 | |||
Sep 2023 | 0.1 | 6.4 | 0.1 | 5.0 |
X-axis label | CPI | HICP |
---|---|---|
Sep 2022 | 8.2 | 8.6 |
Oct 2022 | 9.2 | 9.4 |
Nov 2022 | 8.9 | 9 |
Dec 2022 | 8.2 | 8.2 |
Jan 2023 | 7.8 | 7.5 |
Feb 2023 | 8.5 | 8.1 |
Mar 2023 | 7.7 | 7 |
Apr 2023 | 7.2 | 6.3 |
May 2023 | 6.6 | 5.4 |
Jun 2023 | 6.1 | 4.8 |
Jul 2023 | 5.8 | 4.6 |
Aug 2023 | 6.3 | 4.9 |
Sep 2023 | 6.4 | 5 |
Prices on average, as measured by the CPI, were 6.4% higher in September 2023 compared with September 2022.
The most notable changes in the year were increases in Housing, Water, Electricity, Gas & Other Fuels (+16.9%), Recreation & Culture (+9.4%), Restaurants & Hotels (+7.8%) and Food & Non-Alcoholic Beverages (+7.8%). There was a decrease in Education (-6.3%).
Consumer Prices in September, as measured by the CPI, increased by 0.1% in the month. During September of last year, prices did not change in the month. The most significant monthly price changes were increases in Clothing & Footwear (+3.3%) and Housing, Water, Electricity, Gas & Other Fuels (+1.0%). There were decreases in Recreation & Culture (-3.0%), Transport (-1.0%) and Health (-0.2%).
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 Housing, Water, Electricity, Gas & Other Fuels (+2.99 pp), Restaurants & Hotels (+1.25 pp), Food & Non-Alcoholic Beverages (+0.85 pp) and Recreation & Culture (+0.65 pp).
The only division to cause downward percentage point contributions to the CPI in the year was Education (-0.10 pp).
The main factors contributing to the annual change were as follows:
1Classification of Individual Consumption by Purpose Adapted to the Needs of Harmonised Indices of Consumer Prices (2000).
The divisions which caused the largest upward percentage point contributions to the CPI in the month were Housing, Water, Electricity, Gas & Other Fuels (+0.19 pp) and Clothing & Footwear (+0.16 pp). The divisions which caused the largest downward percentage point contributions to the CPI in the month were Recreation & Culture (-0.22 pp) and Transport (-0.14 pp).
The main factors contributing to the monthly change were as follows:
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 9.1% in the year to September, while Goods increased by 3.1%. Services, excluding mortgage interest repayments, increased by 7.0% in the year since September 2022.
The CPI excluding tobacco increased by 0.1% in the month of September and rose by 6.5% in the year. The CPI excluding mortgage interest did not change in the month and increased by 5.2% in the year.
1Classification of Individual Consumption by Purpose Adapted to the Needs of Harmonised Indices of Consumer Prices (2000).
Prices on average, as measured by the EU Harmonised Index of Consumer Prices (HICP), increased by 5.0% compared with September 2022.
Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were increases in Housing, Water, Electricity, Gas & Other Fuels (+10.8%), Recreation & Culture (+9.3%), Food & Non-Alcoholic Beverages (+7.9%) and Restaurants & Hotels (+7.8%). There were decreases in Education (-6.3%), Health (-0-7%) and Miscellaneous Goods & Services (-0.5%).
The HICP increased by 0.1% in the month. This compares to no change recorded in September of last year.
The most significant monthly price changes were increases in Clothing & Footwear (+3.4%) and Housing, Water, Electricity, Gas & Other Fuels (+1.0%). There were decreases in Recreation & Culture (-3.0%) and Transport (-0.9%).
National Average Prices for selected goods and services for September 2023 are detailed in Table 20.
Looking at the National Average Prices of some staple items:
To calculate the percentage change in the CPI between two periods of time
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Statistician's Comment
The Central Statistics Office (CSO) has today (12 October 2023) published the Consumer Price Index (CPI) September 2023.
Commenting on annual changes shown in the release, Anthony Dawson, Statistician in the Prices Division, said: “The latest publication for the Consumer Price Index (CPI) shows that prices for consumer goods and services in September 2023 increased by 6.4% on average when compared with September 2022. This was up from 6.3% in the 12 months to August 2023. Prices have been rising on an annual basis since April 2021, with annual inflation of 5.0% or more recorded in each month since October 2021.
Annual Changes
The most significant rises in the year were seen in Housing, Water, Electricity, Gas & Other Fuels which was up 16.9% and Recreation & Culture, which was up by 9.4%. Growing electricity (+23.5%) and gas (+36.6%) costs, along with higher mortgage interest repayments (+49.5%) are reflected in the yearly growth of Housing, Water, Electricity, Gas & Other Fuels. The annual change in Recreation & Culture costs reflects a rise in prices in package holidays (+39.4%) and pets & related products & services (+13.3%) compared with September 2022.
Education (-6.3%) was the only division to show a decrease when compared with September 2022.
Monthly Changes
Consumer prices in September rose by 0.1% in the month. During September 2022, prices remained unchanged in the month. The most significant monthly price changes were increases in Clothing & Footwear (+3.3%) and Housing, Water, Electricity, Gas & Other Fuels (+1.0%). Housing, Water, Electricity, Gas & Other Fuels rose mainly due to an increase in the cost of liquid fuels (home heating oil), mortgage interest repayments and rents.
Recreation & Culture (-3.0%), Transport (-1.0%) and Health (-0.2%) were the only divisions to show falls when compared with August 2023.
It should be noted that these figures relate to the CPI. The flash estimate published on 28 September 2023 related to the EU Harmonised Index of Consumer Prices (HICP). (See Background Notes for differences between CPI and HICP)"
National Average Prices
The National Average Prices for selected goods and services for September are also published today. The National Average Prices are compiled together with the CPI. Commenting on the National Average Prices, Anthony Dawson said: “The National Average Price of a number of items rose in September 2023. There were price increases for an 800g loaf of white sliced pan (+3c), an 800g loaf of brown sliced pan (+6c), two litres of full fat milk (+9c), and a pound of butter (+9c) when compared with September 2022.” The comprehensive list of items included in the National Average Prices and their monthly prices are available at: https://data.cso.ie/table/CPM12.