Consumer Price Index September 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 0.7% higher in September 2024 compared with September 2023.

The most notable changes in the year were increases in Restaurants & Hotels (+3.9%), Alcoholic Beverages & Tobacco (+3.1%), Recreation & Culture (+2.7%) and Miscellaneous Goods & Services (+2.2%). The divisions to show a decrease were Clothing & Footwear (-7.5%), Housing, Water, Electricity, Gas & Other Fuels (-2.6%), Furnishings, Household Equipment & Routine Household Maintenance (-1.0%) and Transport (-0.3%).

Consumer Prices in September, as measured by the CPI, decreased by 0.9% in the month. During September of last year, prices rose by 0.1% in the month. The most significant monthly price changes were decreases in Transport (-5.2%) and Recreation & Culture (-2.2%). The largest increases were recorded in Clothing & Footwear (+2.0%) and Housing, Water, Electricity, Gas & Other Fuels (+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 (+0.78 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 Housing, Water, Electricity, Gas & Other Fuels (-0.48 pp), Clothing & Footwear (-0.41 pp), Furnishings, Household Equipment & Routine Household Maintenance (-0.05 pp) and Transport (-0.04 pp).

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

• Restaurants & Hotels increased primarily due to higher prices for alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc.
• 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 childcare services and appliances, articles & products for personal care. 
• Food & Non-Alcoholic Beverages increased due to higher prices across a range of products such as vegetables, mineral waters, soft drinks, fruit & vegetables juices, and sugar, chocolate & confectionery.
• Recreation & Culture rose mainly due to higher prices for recreational & sporting services, package holidays, and cultural services.
• Housing, Water, Electricity, Gas & Other Fuels decreased primarily 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 rent and mortgage interest repayments.  
• Clothing & Footwear fell due to lower prices for garments and shoes & other footwear.
• Furnishings, Household Equipment & Routine Household Maintenance decreased primarily due to lower prices for household textiles and other furniture & furnishings. 
• Transport fell mainly due to lower prices for diesel and petrol. This decrease was partially offset by an increase in the cost of the maintenance & repair of personal transport equipment, motor cars and airfares. 

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 Transport (-0.65 pp) and Recreation & Culture (-0.15 pp). The divisions which caused the largest upward percentage point contributions to the CPI in the month were Clothing & Footwear (+0.10 pp) and Housing, Water, Electricity, Gas & Other Fuels (+0.05 pp).

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

• Transport fell mainly due to lower prices for airfares, petrol, and diesel. 
• Recreation & Culture decreased primarily due to a fall in the cost of package holidays.
• Clothing & Footwear increased due to a recovery from sales.
• Housing, Water, Electricity, Gas & Other Fuels rose mainly due to higher rents and mortgage interest repayments. This increase was partially offset by lower prices for liquid fuels (home heating oil).

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 2.3% in the year to September, while Goods decreased by 1.7%. Services, excluding mortgage interest repayments, increased by 1.8% in the year since September 2023.

The CPI excluding tobacco decreased by 0.9% in the month of September and rose by 0.6% in the year. The CPI excluding mortgage interest fell by 0.9% in the month and increased by 0.4% 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), remained unchanged in September 2024 compared with September 2023.

Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were decreases in Clothing & Footwear (-7.5%), Housing, Water, Electricity, Gas & Other Fuels (-5.7%), Miscellaneous Goods & Services (-1.7%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.9%). There were increases in Restaurants & Hotels (+3.8%), Alcoholic Beverages & Tobacco (+3.1%), Recreation & Culture (+2.8%) and Education (+2.0%).

The HICP decreased by 1.0% in the month. This compares to an increase of 0.1% recorded in September of last year.

The most significant monthly price changes were decreases in Transport (-5.4%) and Recreation & Culture (-2.2%). There were increases in Clothing & Footwear (+1.9%) and Housing, Water, Electricity, Gas & Other Fuels (+0.2%).

National Average Price

National Average Prices for selected goods and services for September 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 September 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 41 cents.
• The national average price of full fat milk per 2 litres was up 1 cent in the year, while butter per lb rose by 39 cents and the average price of Irish cheddar per kg decreased by 5 cents.
• The national average price of a take-home 50cl can of lager at €2.42 was up 7 cents from September 2023, while a take-home 50cl can of cider at €2.67 was also up 7 cents.
• In September 2024, the national average price of a pint of stout in licensed premises was €5.82, up 20 cents in the year, while a pint of lager was €6.24, up 19 cents compared with September 2023.