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Press Statement

Preasráiteas

31 January 2023

Flash Estimate for the Harmonised Index of Consumer Prices January 2023

Prices in Ireland estimated to have risen by 7.7% in the 12 months to January 2023
  • The EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have increased by 7.7% in the year to January 2023
  • This compares with HICP inflation of 8.2% in Ireland in the 12 months to December 2022 and an annual increase of 9.2% in the HICP for the Eurozone in the same period
  • Looking at the components of the flash HICP for Ireland in January 2023, energy prices are estimated to have decreased by 0.1% in the month but are up by 33.1% since January 2022
  • The HICP excluding energy is estimated to have increased by 5.2% since January 2022
  • On a monthly basis, the EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have decreased by 0.8% since December 2022
  • Eurostat will publish flash estimates of inflation from the EU HICP for the Eurozone for January 2023 on Wednesday, 01 February 2023

The Central Statistics Office (CSO) has today (31 January 2023) published the flash estimates of inflation from the EU Harmonised Index of Consumer Prices (HICP) for Ireland for January 2023. Eurostat will publish the figures for the whole of the Eurozone, including Ireland, on Wednesday 01 February 2023.

Commenting on the data published today, Anthony Dawson, Statistician in the Prices Division, said: “The latest flash estimate of the HICP, compiled by the CSO, indicates that prices for consumer goods and services in Ireland are estimated to have increased by 7.7% in the past year. Looking at the components of the flash HICP in Ireland for January 2023, energy prices are estimated to be to have decreased by 0.1% in the month but are up an estimated 33.1% since January 2022. The HICP excluding energy prices is estimated to have increased by 5.2% since January 2022.

These flash estimates are subject to revision when the final HICP results are published next month (See Editor’s Note below).”

Editor's Note:

The Consumer Price Index (CPI) is the official measure of inflation for Ireland and is published monthly by the CSO. The CPI release for January 2023 will be published on 16 February 2023 and the final results of the HICP for Ireland for January 2023 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. The CSO compile the HICP flash estimates and final results for Ireland and submit those to Eurostat who then compile the Eurozone estimate and publish that along with the results for the countries within the Eurozone. 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.

The Eurostat publication of flash estimate data can be found on the Eurostat website at 10am on 01 February 2023. The Eurostat results are located here: https://ec.europa.eu/eurostat/documents/2995521/15893627/2-01022023-AP-EN.pdf/eda196ce-0a4c-618e-4155-ef2f464fcc4e?version=1.0&t=1675237232577. Eurostat are expected to publish final HICP results for the Eurozone for January 2023 at 10am on 23 February 2023.

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.

Please note that these flash HICP estimates are subject to revision when the final results are published. For 23 of the 38 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.

For further information contact:

Anthony Dawson (+353) 21 453 5521

or email cpi@cso.ie

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