30 November 2022
Eurostat has today (30 November 2022) published flash estimates of inflation from the EU Harmonised Index of Consumer Prices (HICP) for the Eurozone for November 2022, including estimates for Ireland which have been compiled by the Central Statistics Office (CSO).
Commenting on the data published today, Anthony Dawson, Statistician in the Prices Division, said: “The latest flash estimate of the Harmonised Index of Consumer Prices (HICP), compiled by the CSO, indicates that prices for consumer goods and services in Ireland are estimated to have increased by 9.0% in the past year. The corresponding rate for the Eurozone published by Eurostat today was 10.0%. These flash estimates are subject to revision when the final HICP results are published next month (See Editor’s Note below).
Five of the 19 Eurozone countries had a lower annual increase than the estimate of 9.0% for Ireland while 11 countries had higher rates. Greece and Finland had the same estimated rate of inflation as Ireland. Latvia had the highest estimated annual inflation at 21.7% while Spain had the lowest at 6.6%.
Looking at the components of the flash HICP in Ireland for November 2022, Energy prices are estimated to have increased by 0.1% in the month and are up 43% since November 2021. For the Eurozone overall, energy prices were down 1.9% in the month but up by 34.9% on an annual basis."
The Consumer Price Index (CPI) is the official measure of inflation for Ireland and is published monthly by the CSO. The CPI release for November 2022 will be published on 08 December 2022 and the final results of the HICP for Ireland for November 2022 will be published as part of the CPI release. The HICP is an index of consumer prices that has been harmonised to allow comparisons across Eurozone countries. While the final HICP results for the Eurozone are usually published by Eurostat around the middle of the month following the reference month, flash estimates are issued around the end of each reference month.
This is the link to the November 2022 Eurozone flash HICP estimates published by Eurostat this morning: https://ec.europa.eu/eurostat/documents/2995521/15265536/2-30112022-AP-EN.pdf/bbfcf655-d7fb-c928-3f54-29b9c808209c?t=1669737725327
The flash estimates of HICP have been published for some countries within the Eurozone by Eurostat each month since January 2019. Ireland has been included in the publication of the country breakdowns of the flash estimates process since November 2019.
Eurostat are expected to publish final HICP results for the Eurozone for November 2022 at 10am on 16 December 2022.
Please note that these flash HICP estimates are subject to revision when the final results are published. For 21 of the 36 months since November 2019 when the CSO’s flash estimate has been published by Eurostat, there was no difference between Ireland’s flash estimate and final result of the HICP. There was a difference of 0.1 percentage points for 13 of the months while one month in 2020 had a difference of 0.2 percentage points and another had a difference of 0.3 percentage points.
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