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Press Statement

Flash Estimate for the Harmonised Index of Consumer Prices October 2023

CSO press statement, , 11am

Prices in Ireland estimated to have risen by 3.6% in the 12 months to October 2023

  • The EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have risen by 3.6% in the 12 months to October 2023 and increased by 0.2% since September 2023.

  • This compares with HICP inflation of 5.0% in Ireland in the 12 months to September 2023 and an annual increase of 4.3% in the HICP for the Eurozone in the same period.

  • Looking at the components of the flash HICP for Ireland in October 2023, energy prices are estimated to have fallen by 0.3% in the month and decreased by 4.2% over the 12 months to October 2023.

  • Food prices are estimated to have grown by 0.2% in the last month and increased by 6.7% in the last 12 months.

  • The HICP excluding energy and unprocessed food is estimated to have risen by 4.6% since October 2022.

  • Eurostat will publish flash estimates of inflation from the EU HICP for the Eurozone for October 2023 on 31 October 2023.

Note: There was an error in the original publication of the October Flash Estimate for the Harmonised Index of Consumer Prices. The figure for the Eurozone HICP for September 2023 was reported as 4.9% instead of the correct figure of 4.3%.

This error has been rectified.

Statistician's Comment

The Central Statistics Office (CSO) has today (27 October 2023) published the flash estimates of inflation from the EU Harmonised Index of Consumer Prices (HICP) for Ireland for October 2023. Eurostat will publish the figures for the whole of the Eurozone, including Ireland, on 31 October 2023.

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 3.6% in the past year. Looking at the components of the flash HICP in Ireland for October 2023, energy prices are estimated to have decreased by 0.3% in the month and dropped by 4.2% since October 2022. The HICP excluding energy and unprocessed food prices is estimated to have risen by 4.6% since October 2022.

Food prices are estimated to have grown by 0.2% in the last month and increased by 6.7% in the last 12 months. Transport costs have risen by 1.2% in the month and increased by 2.1% in the 12 months to October 2023.

The corresponding rate for the Eurozone will be published on 31 October 2023. 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 October 2023 will be published on 09 November 2023 and the final results of the HICP for Ireland for October 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 31 October 2023: https://ec.europa.eu/eurostat/web/main/home. Eurostat are expected to publish the final HICP results for the Eurozone for October 2023 at 10am on 17 November 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 30 of the 47 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 15 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.

Contacts

Anthony Dawson (+353) 21 453 5521
Email cpi@cso.ie

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