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Consumer Price Index December 2023

Consumer prices rose by 4.6% over the 12 months to December 2023

Online ISSN: 2009-5767
CSO statistical publication, , 11am
Notice for the 2023 Rebasing of the Consumer Price Index and Change in Methodology for Insurance Connected with the Dwelling

On 15 February 2024, the Consumer Price Index for January 2024 will be published using a new base period December 2023=100. Along with this rebasing of the index, the CSO will be updating the basket of goods and services that the Consumer Price Index is based on. More details of these changes will be given in the January 2024 release which will be published on 15 February 2024, and will be supported by a new Introduction to Series, December 2023=100, document as well as other supporting material. The Harmonised Index of Consumer Prices (HICP) will continue to be published to base 2015=100.

There will also be a change to the methodology for Insurance Connected with the Dwelling (COICOP 12.5.2) from January 2024 onwards. Further details of the changes will accompany the January 2024 release which will be published on 15 February 2024.

Key Findings

  • The Consumer Price Index (CPI) rose by 4.6% between December 2022 and December 2023, up from an annual increase of 3.9% in the 12 months to November 2023.

  • This is the second consecutive month since September 2021 that the annual growth in the CPI has been below 5.0%.

  • Excluding energy and unprocessed food, the CPI rose by 5.8% in the 12 months to December 2023.

  • All divisions increased when compared with December 2022.

  • The divisions with the largest increases in the 12 months to December 2023 were Recreation & Culture (+10.3%) and Restaurants & Hotels (+6.6%).

  • Consumer prices rose by 0.5% in the month between November 2023 and December 2023.

  • The divisions with the largest growth in the month were Recreation & Culture (+2.5%) and Furnishings, Household Equipment & Routine Household Maintenance (+1.4%).

  • Alcoholic Beverages & Tobacco (-0.5%) and Communications (-0.1%) were the only divisions to show a decrease when compared with November 2023.

Statistician's Comment

The Central Statistics Office (CSO) has today (16 January 2024) published the Consumer Price Index (CPI) December 2023.

Commenting on annual changes shown in the release, Anthony Dawson, Statistician in the Prices Division, said: “The latest publication for the Consumer Price Index (CPI) shows that prices for consumer goods and services in December 2023 rose by 4.6% on average when compared with December 2022. This was up from 3.9% in the 12 months to November 2023. This was the second consecutive month since September 2021 where the annual growth in the CPI was below 5.0%.

Annual Changes 

The most significant growth in the 12 months to December 2023 were seen in Recreation & Culture (+10.3%) and Restaurants & Hotels (+6.6%). The annual change in Recreation & Culture costs reflects a rise in prices for package holidays (+46.4%).

There were increases in all COICOP divisions when compared with December 2022.

Monthly Changes

Consumer prices in December 2023 rose by 0.5% in the month. During December 2022, prices fell by 0.2% in the month. In December 2023, the most significant monthly price changes were increases in Recreation & Culture (+2.5%) and Furnishings, Household Equipment & Routine Household Maintenance (+1.4%). Recreation & Culture rose mainly due to higher prices for package holidays.

Alcoholic Beverages & Tobacco (-0.5%) and Communications (-0.1%) were the only divisions to show a decrease when compared with November 2023.

It should be noted that these figures relate to the CPI. The flash estimate published on 04 January 2024 related to the EU Harmonised Index of Consumer Prices (HICP). (See Background Notes for differences between CPI and HICP)"

National Average Prices

The National Average Prices for selected goods and services for December are also published today. The National Average Prices are compiled together with the CPI. Commenting on the National Average Prices, Anthony Dawson said: “There were price increases in December 2023 for a 2.5kg Bag of Potatoes (+36c) and Irish Cheddar Cheese per kg (+21c), while there were decreases in the price of a pound of butter (-9c) and two litres of full fat milk (-8c) when compared with December 2022.”  The comprehensive list of items included in the National Average Prices and their monthly prices are available at: https://data.cso.ie/table/CPM12.

Headline Table and Graph

Figure 1 shows the development of the CPI and HICP over recent months. It also shows the recent divergence of the CPI and HICP. This divergence is primarily due to the fact that the CPI includes mortgage interest whereas the HICP does not include mortgage interest.

CPI and HICP
 CPI HICP
 % monthly change % annual change % monthly change % annual change
Aug 20230.7 6.3 0.5 4.9
Sep 20230.1 6.4 0.1 5.0
Oct 20230.3 5.1 0.2 3.6
Nov 2023-0.8 3.9 -0.9 2.5
Dec 20230.5 4.6 0.4 3.2
X-axis labelCPIHICP
Dec 20228.28.2
Jan 20237.87.5
Feb 20238.58.1
Mar 20237.77
Apr 20237.26.3
May 20236.65.4
Jun 20236.14.8
Jul 20235.84.6
Aug 20236.34.9
Sep 20236.45
Oct 20235.13.6
Nov 20233.92.5
Dec 20234.63.2

Consumer Price Index Annual Review - 2023

The annual average rate of inflation in 2023 was +6.3%. This compares to an increase of 7.8% for 2022 and an increase of 2.4% for 2021.

The largest year-on-year price increase was recorded in February 2023 when prices rose by 8.5% compared with the previous February. 

The largest price increases were recorded for Housing, Water, Electricity, Gas & Other Fuels (+15.6%), Food & Non-Alcoholic Beverages (+9.8%), Restaurants & Hotels (+7.8%) and Recreation & Culture (+7.8%). The only decreases were recorded for Education (-4.4%) and Transport (-0.3%).

During 2023, prices for energy products rose on average by 5.1% compared to an increase of 41.2% in 2022. The price of Goods increased on average by 3.2% compared to a rise of 9.0% in 2022. The price of Services (which includes mortgage interest) rose by 8.7% compared to a rise of 6.9% the previous year.

Table A - Annual Average Percentage Changes by COICOP Division

Annual and Monthly Price Changes

Prices on average, as measured by the CPI, were 4.6% higher in December 2023 compared with December 2022.

The most notable changes in the year were increases in Recreation & Culture (+10.3%), Restaurants & Hotels (+6.6%), Food & Non-Alcoholic Beverages (+5.6%) and Housing, Water, Electricity, Gas & Other Fuels (+5.2%). There were no decreases when compared with December 2022.

Consumer Prices in December, as measured by the CPI, increased by 0.5% in the month. During December of last year, prices fell by 0.2% in the month. The most significant monthly price changes were increases in Recreation & Culture (+2.5%) and Furnishings, Household Equipment & Routine Household Maintenance (+1.4%). There were decreases in Alcoholic Beverages & Tobacco (-0.5%) and Communications (-0.1%).

Table 1 - Consumer Price Index (All Items)

Table 2 - Consumer Price COICOP Division Indices - December 2023

Contributions to the Overall CPI

Annual Change

Table 3 shows the contribution of each 2-digit COICOP1 division to the overall change in the CPI. A detailed breakdown of the individual components of each of the 12 COICOP divisions is presented in Tables 4 to 15.

The divisions which caused the largest upward percentage point (pp) contributions to the CPI in the year were Restaurants & Hotels (+1.05 pp), Housing, Water, Electricity, Gas & Other Fuels (+0.97 pp), Recreation & Culture (+0.71 pp) and Food & Non-Alcoholic Beverages (+0.59 pp).

The main factors contributing to the annual change were as follows:

  • Restaurants & Hotels rose mainly due to higher prices for alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc. and an increase in the cost of hotel accommodation.
  • Housing, Water, Electricity, Gas & Other Fuels increased primarily due to a rise in the cost of mortgage interest repayments, rents and services for the maintenance & repair of the dwelling. This increase was partially offset by a reduction in prices for electricity, gas, liquid fuels (home heating oil) and coal.
  • Recreation & Culture rose mainly due to higher prices for package holidays, participation in recreational & sporting services, cultural services and products for pets. This increase was partially offset by a reduction in costs associated with educational textbooks.  
  • Food & Non-Alcoholic Beverages increased due to higher prices across a range of products such as vegetables, bread & cereals, meat, mineral waters, soft drinks, fruit & vegetable juices and sugar, chocolate & confectionery.

1Classification of Individual Consumption by Purpose Adapted to the Needs of Harmonised Indices of Consumer Prices (2000).

Figure 2: Contribution of CPI COICOP Divisions to the Overall CPI Annual Percentage Change - December 2023
Monthly Change

The divisions which caused the largest upward percentage point contributions to the CPI in the month were Recreation & Culture (+0.17 pp) and Transport (+0.10 pp). The only division to cause a downward percentage point contribution to the CPI in the month was Alcoholic Beverages & Tobacco (-0.03 pp).

The main factors contributing to the monthly change were as follows:

  • Recreation & Culture increased primarily due to higher prices for package holidays.
  • Transport rose mainly due to higher prices for airfares. This increase was partially offset by a reduction in costs for petrol and diesel.
  • Alcoholic Beverages & Tobacco fell due to lower prices for alcoholic beverages sold in supermarkets and off licences.
Table 3 - Contributions to the change in the All Items CPI - December 2023

CPI sub-indices

Tables 4 to 15 detail all COICOP1 sub-indices of the CPI.

Table 2 and table 17 detail selected consumer price index sub-indices. The sub index for Services rose by 6.0% in the year to December, while Goods increased by 2.8%. Services, excluding mortgage interest repayments, increased by 4.1% in the year since December 2022.

The CPI excluding tobacco increased by 0.6% in the month of December and rose by 4.6% in the year. The CPI excluding mortgage interest rose by 0.5% in the month and increased by 3.6% in the year.

1Classification of Individual Consumption by Purpose Adapted to the Needs of Harmonised Indices of Consumer Prices (2000).

Table 4 - COICOP Division 01 Food and Non-Alcoholic Beverages - December 2023

Table 5 - COICOP Division 02 Alcoholic Beverages and Tobacco - December 2023

Table 6 - COICOP Division 03 Clothing and Footwear - December 2023

Table 7 - COICOP Division 04 Housing, Water, Electricity, Gas and Other Fuels - December 2023

Table 8 - COICOP Division 05 Furnishings, Household Equipment and Routine Household Maintenance - December 2023

Table 9 - COICOP Division 06 Health - December 2023

Table 10 - COICOP Division 07 Transport - December 2023

Table 11 - COICOP Division 08 Communications - December 2023

Table 12 - COICOP Division 09 Recreation and Culture - December 2023

Table 13 - COICOP Division 10 Education - December 2023

Table 14 - COICOP Division 11 Restaurants and Hotels - December 2023

Table 15 - COICOP Division 12 Miscellaneous Goods and Services - December 2023

Table 16 - Consumer Price Index Goods and Services by COICOP Division - December 2023

Table 17 - Consumer Price Index Subindices - December 2023

Harmonised Index of Consumer Prices

Prices on average, as measured by the EU Harmonised Index of Consumer Prices (HICP), increased by 3.2% compared with December 2022.

Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were increases in Recreation & Culture (+10.3%), Restaurants & Hotels (+6.6%), Food & Non-Alcoholic Beverages (+5.6%) and Alcoholic Beverages & Tobacco (+4.9%). There were decreases in Housing, Water, Electricity, Gas & Other Fuels (-1.6%), Health (-0.6%) and Miscellaneous Goods & Services (-0.2%).

The HICP increased by 0.4% in the month. This compares to a decrease of 0.3% recorded in December of last year.

The most significant monthly price changes were increases in Recreation & Culture (+2.5%) and Furnishings, Household Equipment & Routine Household Maintenance (+1.4%). There were decreases in Alcoholic Beverages & Tobacco (-0.5%) and Communications (-0.1%).

Table 18 - EU Harmonised Index of Consumer Prices (HICP) - Ireland

Table 19 - EU Harmonised Consumer Price COICOP Division Indices - December 2023 Ireland

National Average Price

National Average Prices for selected goods and services for December 2023 are detailed in Table 20.

Looking at the National Average Prices of some staple items:

  • The national average price for bread (large (800g) white sliced pan) was down 2 cents in the year to December 2023, while the same size brown sliced pan did not change in price in the year. 
  • Spaghetti per 500g increased by 13 cents in the year while the average price for 2.5kg of potatoes was up 36 cents.
  • Full fat milk per 2 litres decreased by 8 cents in the year while the average price of Irish cheddar per kg rose by 21 cents and butter per lb fell by 9 cents.
  • The national average price of a take-home 50cl can of lager at €2.32 was up 16 cents on average from December 2022 while a take-home 50cl can of cider at €2.59 was up 12 cents.
  • In December 2023, the national average price of a pint of stout in licensed premises was €5.64, up 44 cents in the year, while a pint of lager was €6.06, up 33 cents compared with December 2022.

National Average Price

National Average Prices for selected goods and services for December 2023 are detailed below

These prices are compared to the same product and service in December 2022. A full list of National Average Prices is detailed in Table 20.
Decrease
2c
now €1.64
White Sliced Pan (800g)
Increase
13c
now €1.49
Spaghetti (500g)
Increase
36c
now €3.74
Bag of Potatoes (2.5kg)
Decrease
8c
now €2.18
Milk - Full Fat (2L)
Increase
21c
now €10.70
Irish Cheddar Cheese (kg)
Decrease
9c
now €3.75
Butter (lb/454g)
Table 20 - National Average Prices