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Consumer Price Index June 2023

Consumer prices rose by 6.1% over the 12 months to June 2023

Online ISSN: 2009-5767
CSO statistical publication, , 11am

Key Findings

  • The Consumer Price Index (CPI) rose by 6.1% between June 2022 and June 2023, down from an annual increase of 6.6% in the 12 months to May 2023.

  • This is the twenty first straight month where the annual growth in the CPI has been at least 5.0%.

  • The divisions with the largest increases in the 12 months to June 2023 were Housing, Water, Electricity, Gas & Other Fuels (+15.7%) and Recreation & Culture (+10.4%).

  • Education (-6.3%) and Transport (-4.1%) were the only divisions to show a decrease when compared with June 2022.

  • Consumer prices rose by 0.8% in the month between May 2023 and June 2023.

  • The divisions with the largest growth in the month were Recreation & Culture (+3.9%) and Transport (+2.5%).

  • The divisions with the largest declines in the month were Furnishings, Household Equipment & Routine Household Maintenance (-0.7%) and Miscellaneous Goods & Services (-0.4%).

Statistician's Comment

The Central Statistics Office (CSO) has today (13 July 2023) published the Consumer Price Index (CPI) June 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 June 2023 increased by 6.1% on average when compared with June 2022. This was down from 6.6% in the 12 months to May 2023. Prices have been rising on an annual basis since April 2021, with annual inflation of 5.0% or more recorded in each month since October 2021.

Annual Changes

The most significant rises in the year were seen in Housing, Water, Electricity, Gas & Other Fuels which was up 15.7% and Recreation & Culture, which rose by 10.4%. Increased electricity (+34.7%) and gas (+47.3%) costs, along with higher mortgage interest repayments (+46.4%) are reflected in the yearly growth of Housing, Water, Electricity, Gas & Other Fuels. The annual change in Recreation & Culture costs reflects a rise in prices in package holidays (+43.2%) and pets & related products & services (+13.7%) compared with June 2022.

Education (-6.3%) and Transport (-4.1%) were the only divisions to show a decrease when compared with June 2022.

Monthly Changes

Consumer prices in June rose by 0.8% in the month. During June 2022, prices grew by 1.3% in the month. The most significant monthly price changes were increases in Recreation & Culture (+3.9%) and Transport (+2.5%). Recreation & Culture rose due to higher prices for package holidays.

Furnishings, Household Equipment & Routine Household Maintenance (-0.7%) and Miscellaneous Goods & Services (-0.4%) were the divisions to show the largest decreases when compared with May 2023.

It should be noted that these figures relate to the CPI. The flash estimate published on 29 June 2023 related to the EU Harmonised Index of Consumer Prices (HICP)."

National Average Prices

The National Average Prices for selected goods and services for June are also published today. The National Average Prices are compiled together with the CPI. Commenting on the National Average Prices, Anthony Dawson said: “The National Average Price of a number of items rose in June 2023. There were price increases for an 800g loaf of white sliced pan (+11c), an 800g loaf of brown sliced pan (+8c), two litres of full fat milk (+28c), and a pound of butter (+29c) when compared with June 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
Feb 20231.6 8.5 1.5 8.1
Mar 20231.1 7.7 0.9 7.0
Apr 20230.5 7.2 0.3 6.3
May 20230.3 6.6 0.3 5.4
Jun 20230.8 6.1 0.8 4.8
X-axis labelCPIHICP
Jun 20229.19.6
Jul 20229.19.6
Aug 20228.79
Sep 20228.28.6
Oct 20229.29.4
Nov 20228.99
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

Annual and Monthly Price Changes

Prices on average, as measured by the CPI, were 6.1% higher in June 2023 compared with June 2022.

The most notable changes in the year were increases in Housing, Water, Electricity, Gas & Other Fuels (+15.7%), Recreation & Culture (+10.4%), Food & Non-Alcoholic Beverages (+10.2%) and Restaurants & Hotels (+8.3%). There were decreases in Education (-6.3%) and Transport (-4.1%).

Consumer Prices in June, as measured by the CPI, increased by 0.8% in the month. During June of last year, prices rose by 1.3% in the month. The most significant monthly price changes were increases in Recreation & Culture (+3.9%) and Transport (+2.5%). There were decreases in Furnishings, Household Equipment & Routine Household Maintenance (-0.7%) and Miscellaneous Goods & Services (-0.4%).

Table 1 - Consumer Price Index (All Items)

Table 2 - Consumer Price COICOP Division Indices - June 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 Housing, Water, Electricity, Gas & Other Fuels (+2.74 pp), Restaurants & Hotels (+1.31 pp), Food & Non-Alcoholic Beverages (+1.11 pp) and Recreation & Culture (+0.73 pp).

The divisions which caused downward percentage point contributions to the CPI in the year were Transport (-0.59 pp) and Education (-0.10 pp).

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

  • Housing, Water, Electricity, Gas & Other Fuels rose mainly due to an increase in the cost of mortgage interest repayments, rents, electricity, gas and solid fuels. This increase was partially offset by a reduction in prices for liquid fuels (home heating oil).
  • Restaurants & Hotels increased primarily 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.
  • Food & Non-Alcoholic Beverages rose due to higher prices across a range of products such as meat, bread & cereals, vegetables and milk, cheese & eggs.
  • Recreation & Culture increased mainly due to higher prices for package holidays, participation in recreational & sporting services and products for pets.
  • Transport fell primarily due to lower prices for diesel, petrol, services in respect of personal transport equipment and passenger transport by bus & coach. This decrease was partially offset by higher prices for airfares and motor cars.
  • Education decreased mainly due to a reduction in costs associated with participating in third level education.

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 - June 2023
Monthly Change

The divisions which caused the largest upward percentage point contributions to the CPI in the month were Transport (+0.32 pp) and Recreation & Culture (+0.28 pp). The divisions which caused the largest downward percentage point contributions to the CPI in the month were Miscellaneous Goods & Services (-0.05 pp) and Furnishings, Household Equipment & Routine Household Maintenance (-0.04 pp).

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

  • Transport rose primarily due to an increase in prices for airfares, petrol, diesel and motor cars.
  • Recreation & Culture increased mainly due to higher prices for package holidays.
  • Miscellaneous Goods & Services decreased primarily due to a reduction in prices for jewellery clocks & watches and appliances, articles & products for personal care.
  • Furnishings, Household Equipment & Routine Household Maintenance fell mainly due to lower prices for furniture & furnishings.
Table 3 - Contributions to the change in the All Items CPI - June 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 10.3% in the year to June, while Goods increased by 1.0%. Services, excluding mortgage interest repayments, increased by 8.4% in the year since June 2022.

The CPI excluding tobacco increased by 0.8% in the month of June and rose by 6.1% in the year. The CPI excluding mortgage interest rose by 0.8% in the month and increased by 5.0% 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 - June 2023

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

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

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

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

Table 9 - COICOP Division 06 Health - June 2023

Table 10 - COICOP Division 07 Transport - June 2023

Table 11 - COICOP Division 08 Communications - June 2023

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

Table 13 - COICOP Division 10 Education - June 2023

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

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

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

Table 17 - Consumer Price Index Subindices - June 2023

Harmonised Index of Consumer Prices

Prices on average, as measured by the EU Harmonised Index of Consumer Prices (HICP), increased by 4.8% compared with June 2022.

Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were increases in Recreation & Culture (+10.4%), Food & Non-Alcoholic Beverages (+10.2%), Housing, Water, Electricity, Gas & Other Fuels (+10.1%) and Restaurants & Hotels (+8.2%). There were decreases in Education (-6.3%), Transport (-3.7%) and Health (-0.5%).

The HICP increased by 0.8% in the month. This compares to an increase of 1.3% recorded in June of last year.

The most significant monthly price changes were increases in Recreation & Culture (+4.0%) and Transport (+2.7%). There were decreases in Furnishings, Household Equipment & Routine Household Maintenance (-0.7%) and Miscellaneous Goods & Services (-0.6%).

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

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

National Average Price

National Average Prices for selected goods and services for June 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 up 11 cents in the year to June 2023, while the same size brown sliced pan was up 8 cents in the year.
  • Spaghetti per 500g increased by 24 cents in the year while the average price for 2.5kg of potatoes was up 1 cent.
  • Full fat milk per 2 litres increased by 28 cents in the year while the average price of Irish cheddar per kg rose by 74 cents and butter per lb rose by 29 cents.
  • The national average price of a take-home 50cl can of lager at €2.32 was up 18 cents on average from June 2022 while a take-home 50cl can of cider at €2.57 was up 14 cents.
  • In June 2023, the national average price of a pint of stout in licensed premises was €5.52, up 39 cents in the year, while a pint of lager was €5.97, up 44 cents compared with June 2022.

National Average Price

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

These prices are compared to the same product and service in June 2022. A full list of National Average Prices is detailed in Table 20.
Increase
11c
now €1.66
White Sliced Pan (800g)
Increase
24c
now €1.47
Spaghetti (500g)
Increase
1c
now €3.40
Bag of Potatoes (2.5kg)
Increase
28c
now €2.24
Milk - Full Fat (2L)
Increase
74c
now €10.52
Irish Cheddar Cheese (kg)
Increase
29c
now €3.75
Butter (lb/454g)
Table 20 - National Average Prices