The EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have increased by 2.7% in the 12 months to January 2024 and decreased by 1.4% since December 2023.
This compares with HICP inflation of 3.2% in Ireland in the 12 months to December 2023 and an annual increase of 2.9% in the HICP for the Eurozone in the same period.
Looking at the components of the flash HICP for Ireland in January 2024, energy prices are estimated to have decreased by 0.8% in the month and decreased by 7% over the 12 months to January 2024.
Food prices are estimated to have decreased by 0.2% in the last month and increased by 4.3% in the last 12 months.
The HICP excluding energy and unprocessed food is estimated to have increased by 3.8% since January 2023.
Eurostat will publish flash estimates of inflation from the EU HICP for the Eurozone for January 2024 on 1 February 2024.
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 2024 will be published on 15 February 2024 and the final results of the HICP for Ireland for January 2024 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 1 February 2024: https://ec.europa.eu/eurostat/web/main/home. Eurostat are expected to publish the final HICP results for the Eurozone for January 2024 at 10am on 22 February 2024.
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 the CPI release on 15 February 2024 will contain information on the update to Base Series December 2023=100 and an update to the basket of goods and services for the Consumer Price Index.
| Anthony Dawson | (+353) 21 453 5521 |
|---|---|
| cpi@cso.ie |
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Statistician's Comment
The Central Statistics Office (CSO) has today (31 January 2024) published the flash estimates of inflation from the EU Harmonised Index of Consumer Prices (HICP) for Ireland for January 2024. Eurostat will publish the figures for the whole of the Eurozone, including Ireland, on 1 February 2024.
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 2.7% in the past year. Looking at the components of the flash HICP in Ireland for January 2024, energy prices are estimated to have decreased by 0.8% in the month and decreased 7% since January 2023. The HICP excluding energy and unprocessed food prices is estimated to have increased by 3.8% since January 2023.
Food prices are estimated to have decreased by 0.2% in the last month and increased by 4.3% in the last 12 months. Transport costs have decreased by 4.5% in the month and increased by 2.2% in the 12 months to January 2024.
The corresponding rate for the Eurozone will be published on 1 February 2024. These flash estimates are subject to revision when the final HICP results are published next month (See Editor’s Note below).”