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The Consumer Price Index (CPI) rose by 1.4% between December 2023 and December 2024, up from an annual increase of 1.0% in the 12 months to November 2024.
Excluding energy and unprocessed food, the CPI grew by 2.1% in the 12 months to December 2024.
The divisions with the largest increases in the 12 months to December 2024 were Restaurants & Hotels (+3.7%) and Recreation & Culture (+3.3%).
The only divisions to record a decline when compared with December 2023 were Clothing & Footwear (-8.0%) and Furnishings, Household Equipment & Routine Household Maintenance (-1.3%).
Consumer prices went up by 0.9% in the month between November 2024 and December 2024.
The divisions with the largest growth in the month were Transport (+4.1%) and Recreation & Culture (+3.0%).
The only divisions to record a decline in the month were Alcoholic Beverages & Tobacco (-0.9%) and Communications (-0.2%).
Figure 1 shows the development of the CPI and HICP over recent months. It also shows the recent difference between the CPI and HICP. This difference is primarily due to the fact 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 2024 | 0.1 | 1.7 | 0.1 | 1.1 | |||
Sep 2024 | -0.9 | 0.7 | -1.0 | 0.0 | |||
Oct 2024 | 0.3 | 0.7 | 0.3 | 0.1 | |||
Nov 2024 | -0.5 | 1.0 | -0.5 | 0.5 | |||
Dec 2024 | 0.9 | 1.4 | 0.9 | 1.0 |
X-axis label | CPI | HICP |
---|---|---|
Dec 2023 | 4.6 | 3.2 |
Jan 2024 | 4.1 | 2.7 |
Feb 2024 | 3.4 | 2.3 |
Mar 2024 | 2.9 | 1.7 |
Apr 2024 | 2.6 | 1.6 |
May 2024 | 2.6 | 2 |
Jun 2024 | 2.2 | 1.5 |
Jul 2024 | 2.2 | 1.5 |
Aug 2024 | 1.7 | 1.1 |
Sep 2024 | 0.7 | 0 |
Oct 2024 | 0.7 | 0.1 |
Nov 2024 | 1 | 0.5 |
Dec 2024 | 1.4 | 1 |
The annual average rate of inflation in 2024 was +2.1%. This compares to an increase of 6.3% for 2023 and an increase of 7.8% for 2022.
The largest year-on-year price increase was recorded in January 2024 when prices rose by 4.1% compared with the previous January.
The largest price increases were recorded for Restaurants & Hotels (+4.7%), Recreation & Culture (+4.4%), Alcoholic Beverages & Tobacco (+3.7%) and Miscellaneous Goods & Services (+3.3%). The only decreases were recorded for Clothing & Footwear (-6.1%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.7%).
During 2024, prices for energy products fell on average by 7.7% compared to an increase of 5.1% in 2023. The price of Goods increased on average by 0.2% compared to a rise of 3.2% in 2023. The price of Services (which includes mortgage interest) rose by 3.4% compared to a rise of 8.7% the previous year.
Prices on average, as measured by the CPI, were 1.4% higher in December 2024 compared with December 2023.
The most notable changes in the year were increases in Restaurants & Hotels (+3.7%), Recreation & Culture (+3.3%), Alcoholic Beverages & Tobacco (+3.1%) and Education (+2.3%). The only divisions to show a decrease were Clothing & Footwear (-8.0%) and Furnishings, Household Equipment & Routine Household Maintenance (-1.3%).
Consumer Prices in December, as measured by the CPI, increased by 0.9% in the month. During December of last year, prices rose by 0.5% in the month. The most significant monthly price changes were increases in Transport (+4.1%) and Recreation & Culture (+3.0%). The only declines were recorded in Alcoholic Beverages & Tobacco (-0.9%) and Communications (-0.2%).
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 (+0.73 pp), Miscellaneous Goods & Services (+0.23 pp), Recreation & Culture (+0.23 pp) and Transport (+0.20 pp).
The only divisions to cause a downward contribution to the CPI in the year were Clothing & Footwear (-0.44 pp) and Furnishings, Household Equipment & Routine Household Maintenance (-0.07 pp).
The main factors contributing to the annual change were as follows:
1Classification of Individual Consumption by Purpose Adapted to the Needs of Harmonised Indices of Consumer Prices (2000).
The divisions which caused the largest upward percentage point contributions to the CPI in the month were Transport (+0.49 pp) and Recreation & Culture (+0.21 pp). The only division to cause a downward percentage point contribution to the CPI in the month was Alcoholic Beverages & Tobacco (-0.04 pp).
The main factors contributing to the monthly change were as follows:
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 2.7% in the year to December, while Goods decreased by 0.7%. Services, excluding mortgage interest repayments, increased by 2.7% in the year since December 2023.
The CPI excluding tobacco increased by 0.9% in the month of December and rose by 1.2% in the year. The CPI excluding mortgage interest rose by 0.9% in the month and increased by 1.3% in the year.
1Classification of Individual Consumption by Purpose Adapted to the Needs of Harmonised Indices of Consumer Prices (2000).
Prices on average, as measured by the EU Harmonised Index of Consumer Prices (HICP), increased by 1.0% compared with December 2023.
Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were increases in Restaurants & Hotels (+3.8%), Recreation & Culture (+3.3%), Alcoholic Beverages & Tobacco (+3.0%) and Education (+2.2%). There were decreases in Clothing & Footwear (-8.0%), Miscellaneous Goods & Services (-1.4%), Furnishings, Household Equipment & Routine Household Maintenance (-1.2%) and Housing, Water, Electricity, Gas & Other Fuels (-0.7%).
The HICP increased by 0.9% in the month. This compares to an increase of 0.4% recorded in December of last year.
The most significant monthly price changes were increases in Transport (+4.4%) and Recreation & Culture (+3.0%). There were decreases in Alcoholic Beverages & Tobacco (-0.9%) and Communications (-0.2%).
National Average Prices for selected goods and services for December 2024 are detailed in Table 20.
Looking at the National Average Prices of some staple items:
To calculate the percentage change in the CPI between two periods of time
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Statistician's Comment
The Central Statistics Office (CSO) has today (16 January 2025) published the Consumer Price Index (CPI) December 2024.
Commenting on annual changes shown in the release, Anthony Dawson, Statistician in the Prices Division, said: “Today’s release of the CPI shows that prices for consumer goods and services in December 2024 rose by 1.4% on average when compared with December 2023.
Annual Changes
The most significant increases in the 12 months to December 2024 were seen in Restaurants & Hotels (+3.7%) and Recreation & Culture (+3.3%). The annual change in Restaurants & Hotels costs reflects higher prices for food and alcoholic drinks consumed in licensed premises, restaurants, cafes etc.
Clothing & Footwear (-8.0%) and Furnishings, Household Equipment & Routine Household Maintenance (-1.3%) were the only divisions to show a decrease when compared with December 2023.
Monthly Changes
Consumer prices in December 2024 rose by 0.9% in the month. During December 2023, prices grew by 0.5% in the month. In December 2024, the most significant monthly price changes were in Transport (+4.1%) and Recreation & Culture (+3.0%). Transport increased mainly due to higher prices for airfares, diesel, and petrol.
Alcoholic Beverages & Tobacco (-0.9%) and Communications (-0.2%) were the only divisions to show a decline when compared with November 2024.
It should be noted that these figures relate to the CPI. The flash estimate published on 31 December 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 2024 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 2024 for a pound of butter (+60c), two litres of full fat milk (+18c), a 2.5kg bag of potatoes (+16c), Irish cheddar per kg (+14c), and spaghetti per 500g (+3c).
There were decreases in the price of an 800g loaf of white sliced pan (-1c), and an 800g loaf of brown sliced pan (-1c) when compared with December 2023.”
The comprehensive list of items included in the National Average Prices and their monthly prices are available at: https://data.cso.ie/table/CPM12.