Latest rebase of Consumer Price Index (CPI) launched.
New items such as air fryers and milk substitutes added to our Basket of Goods and Services.
Items removed from our Basket of Goods and Services include admission costs to nightclubs and digital cameras.
Changes to how the CSO collects household spending data, the rebase of the CPI, and the latest updates to the baskets of goods and services means we can better measure inflation.
A full list of changes to the basket of goods and services, and the weights applied to the items in the basket, can be found in Appendix 2 of the Introduction to series December 2023=100 document.
An FAQ and a presentation video on the changes are also available.
| Anthony Dawson | (+353) 21 453 5521 |
|---|---|
| cpi@cso.ie |
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Statistician's Comment
The Central Statistics Office (CSO) has today (15 February 2024) published the Consumer Price Index (CPI) results for January 2024.
The January 2024 CPI release uses the updated base level for the CPI Series (December 2023=100). The CPI is usually rebased every five years and the items included in our national basket of goods and services are updated to take account of changing shopping habits. The weights of items, or the importance of those items in terms of their share of total household consumption, are also examined, as are other methodological changes.
The updating of the CPI to a new baseline period provides the opportunity to review the items included in the basket of goods and services and their weights, all of which are based on the Household Budget Survey (HBS) carried out in 2022/2023. This updating of the weights reflects the changing spending patterns of households since the series was last updated (December 2016=100).
Some of these updates include changes in the Restaurants & Hotels Division (COICOP 11) of the CPI where the weights for meals out and takeaway coffee have increased substantially, while the weight of alcohol purchased in licensed premises has decreased since 2016 (See Editor’s Note Below).
Commenting on these changes, Anthony Dawson, Statistician in the Prices Division, said: “The latest rebase of the CPI and a review of what items are included in the basket of goods and services is important to ensure the CSO can accurately measure inflation trends. Last month the CSO announced that the HBS, which tracks spending habits, is now being collected throughout the year instead of once every five years. This change in the collection method for the HBS, and this update to the items included in our National Basket of Goods and the rebase of the CPI, means we can better measure inflation in Ireland and ensure our releases reflect the cost of living.”
Highlights of some of the key changes to the items now included in our basket of goods and services:
Items introduced to the basket
Items removed from the basket