The Consumer Price Index (CPI) rose by 2.2% between July 2023 and July 2024. This 2.2% increase was the same level of inflation that was recorded in June 2024.
Excluding energy and unprocessed food, the CPI went up by 3.1% in the 12 months to July 2024.
The divisions with the largest increases in the 12 months to July 2024 were Transport (+5.5%) and Restaurants & Hotels (+4.3%).
The divisions to record the largest declines when compared with July 2023 were Clothing & Footwear (-4.9%) and Furnishings, Household Equipment & Routine Household Maintenance (-1.0%).
Consumer prices grew by 0.2% in the month between June 2024 and July 2024.
The divisions with the largest growth in the month were Recreation & Culture (+3.0%) and Transport (+1.9%).
The divisions with the largest declines in the month were Clothing & Footwear (-6.2%) and Miscellaneous Goods & Services (-0.3%).
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 | ||||
| Mar 2024 | 0.5 | 2.9 | 0.3 | 1.7 | |||
| Apr 2024 | 0.2 | 2.6 | 0.2 | 1.6 | |||
| May 2024 | 0.5 | 2.6 | 0.6 | 2.0 | |||
| Jun 2024 | 0.4 | 2.2 | 0.3 | 1.5 | |||
| Jul 2024 | 0.2 | 2.2 | 0.2 | 1.5 | |||
| X-axis label | CPI | HICP |
|---|---|---|
| Jul 2023 | 5.8 | 4.6 |
| Aug 2023 | 6.3 | 4.9 |
| Sep 2023 | 6.4 | 5 |
| Oct 2023 | 5.1 | 3.6 |
| Nov 2023 | 3.9 | 2.5 |
| 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 |
Prices on average, as measured by the CPI, were 2.2% higher in July 2024 compared with July 2023.
The most notable changes in the year were increases in Transport (+5.5%), Restaurants & Hotels (+4.3%), Miscellaneous Goods & Services (+3.9%) and Alcoholic Beverages & Tobacco (+3.4%). The divisions to show a decrease were Clothing & Footwear (-4.9%), Furnishings, Household Equipment & Routine Household Maintenance (-1.0%) and Housing, Water, Electricity, Gas & Other Fuels (-0.3%).
Consumer Prices in July, as measured by the CPI, increased by 0.2% in the month. During July of last year, prices also rose by 0.2% in the month. The most significant monthly price changes were increases in Recreation & Culture (+3.0%) and Transport (+1.9%). The largest decreases were recorded in Clothing & Footwear (-6.2%) and Miscellaneous Goods & Services (-0.3%).
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 (+0.86 pp), Transport (+0.68 pp), Miscellaneous Goods & Services (+0.40 pp) and Food & Non-Alcoholic Beverages (+0.22 pp).
The divisions to cause a downward contribution to the CPI in the year were Clothing & Footwear (-0.29 pp), Furnishings, Household Equipment & Routine Household Maintenance (-0.05 pp) and Housing, Water, Electricity, Gas & Other Fuels (-0.03 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 (+0.24 pp) and Recreation & Culture (+0.21 pp). The divisions which caused the largest downward percentage point contributions to the CPI in the month were Clothing & Footwear (-0.31 pp) and Miscellaneous Goods & Services (-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 3.1% in the year to July, while Goods increased by 0.8%. Services, excluding mortgage interest repayments, increased by 2.3% in the year since July 2023.
The CPI excluding tobacco increased by 0.2% in the month of July and rose by 2.2% in the year. The CPI excluding mortgage interest rose by 0.1% in the month and increased by 1.8% 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 1.5% compared with July 2023.
Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were increases in Transport (+5.9%), Restaurants & Hotels (+4.3%), Alcoholic Beverages & Tobacco (+3.4%) and Recreation & Culture (+2.6%). There were decreases in Clothing & Footwear (-4.9%), Housing, Water, Electricity, Gas & Other Fuels (-3.5%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.9%).
The HICP increased by 0.2% in the month. This compares to an increase of 0.2% recorded in July of last year.
The most significant monthly price changes were increases in Recreation & Culture (+3.0%) and Transport (+2.0%). There were decreases in Clothing & Footwear (-6.1%) and Miscellaneous Goods & Services (-0.7%).
National Average Prices for selected goods and services for July 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 (08 August 2024) published the Consumer Price Index (CPI) July 2024.
Commenting on annual changes shown in the release, Anthony Dawson, Statistician in the Prices Division, said: “Today’s publication of the CPI shows that prices for consumer goods and services in July 2024 rose by 2.2% on average when compared with July 2023.
Annual Changes
The most significant rises in the 12 months to July 2024 were seen in Transport (+5.5%) and Restaurants & Hotels (+4.3%). The annual change in Transport costs reflects increases in prices for diesel (+11.9%) and petrol (+8.8%).
Clothing & Footwear (-4.9%) and Furnishings, Household Equipment & Routine Household Maintenance (-1.0%) were the divisions to show the largest declines when compared with July 2023.
Monthly Changes
Consumer prices in July 2024 rose by 0.2% in the month. During July 2023, prices also grew by 0.2% in the month. In July 2024, the most significant monthly price changes were increases in Recreation & Culture (+3.0%) and Transport (+1.9%). Recreation & Culture rose due to an increase in the cost of package holidays.
Clothing & Footwear (-6.2%) and Miscellaneous Goods & Services (-0.3%) were the divisions to show the largest declines when compared with June 2024.
It should be noted that these figures relate to the CPI. The flash estimate published on 30 July 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 July 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 July 2024 for a 2.5kg bag of potatoes (+66c), Irish cheddar cheese per kg (+10c), Spaghetti per 500g (+6c), and a pound of butter (+3c), while there were decreases in the price of an 800g loaf of white sliced pan (-3c), an 800g loaf of brown sliced pan (-2c), and two litres of full fat milk (-1c) when compared with July 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.