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%).
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 2023 | 1.6 | 8.5 | 1.5 | 8.1 | |||
Mar 2023 | 1.1 | 7.7 | 0.9 | 7.0 | |||
Apr 2023 | 0.5 | 7.2 | 0.3 | 6.3 | |||
May 2023 | 0.3 | 6.6 | 0.3 | 5.4 | |||
Jun 2023 | 0.8 | 6.1 | 0.8 | 4.8 |
X-axis label | CPI | HICP |
---|---|---|
Jun 2022 | 9.1 | 9.6 |
Jul 2022 | 9.1 | 9.6 |
Aug 2022 | 8.7 | 9 |
Sep 2022 | 8.2 | 8.6 |
Oct 2022 | 9.2 | 9.4 |
Nov 2022 | 8.9 | 9 |
Dec 2022 | 8.2 | 8.2 |
Jan 2023 | 7.8 | 7.5 |
Feb 2023 | 8.5 | 8.1 |
Mar 2023 | 7.7 | 7 |
Apr 2023 | 7.2 | 6.3 |
May 2023 | 6.6 | 5.4 |
Jun 2023 | 6.1 | 4.8 |
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 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:
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 (+0.32 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:
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).
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%).
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:
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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.