| Location: | MS Teams |
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Date: |
Tuesday 07 July 2026 |
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Present: |
Thomas Conefrey (CBI), Jonathan Rice (CBI), Eamonn Sweeney (DFIN), Loretta O’Sullivan (Indep.), Kevin Timoney (UL / Davy), Killian Carroll (IFAC), Simon Barry (Indp.), Chirs Smart (LDA), Shawn Britton (NTMA), David Purdue (NTMA), Seamus Coffey (UCC) CSO: Kieran Culhane, Clare Sullivan, Brian King, Rachel O’Carroll, John Sheridan, Norita Murphy, Edel Flannery, Brian Ring, Brian Stanley, Gavin Gormley, Conor Prescott, Hannah O’Brennan, Jack O’Connell |
1. The format of the meeting was a questions and answers session regarding the Annual National and International Accounts followed by an update from the Prices Division.
2. The downward revision of the household consumption for 2024 and 2025 was driven by revisions to FISIM (Financial Intermediation Services Indirectly Measured).
3. Depreciation of Intellectual Property (IP) is conducted over a 10 year period, using the PIM model of depreciation of capital stock, so we are now seeing the impact of this in regard to the 2015 large IP import.
4. Investment in residential dwellings are based on construction completion but investment in other buildings are usually accounted for at the time at which the investment happens, provided data is available.
5. The CSO Prices Division has been split into Consumer Prices and Enterprise Prices.
6. The Consumer Prices Division will cover the Consumer Price Index (CPI), Harmonised Index of Consumer Prices (HICP), Purchasing Power Parities (PPP), Residential Property Price Index (RPPI) and the Residential Property Transactions by Non-Households (RPTNH).
7. The Enterprise Prices Division will cover the Wholesale Price Index (WPI), the Producer Price Index (PPI), the Services Producer Price Index (SPPI), the Imports Price Index (IPI) and the Residentially Zoned Land Prices (RZLP).
8. There is also development work going on which includes a new basket for the CPI/HICP coming in January 2027 at which time the CPI will be rebased to December 2026 = 100. Games of chance (lotteries and gambling) will be added to the CPI and HICP in January 2027 (only lotteries are in the HICP since January 2026).
9. There is work ongoing related to the transaction data (scanner data) and it is hoped to include data from two additional supermarkets into the CPI/HICP for January 2027.
10. Work is being undertaken to re-establish the Estimated Inflation by Household Characteristics (EIHC) release which was previously published in 2022 and 2023. There are plans to develop a project to meet the new requirements for a sales and rents index for Commercial Real Estate.
11. Other projects include working on getting access to new privately held data sources to replace traditional price collection in the CPI/HICP and publishing additional information through a new Insights Series of publications on the CPI.
12. A new prices group will be set up to sit under the current MSLG.