The Consumer Price Index (CPI) rose by 2.9% between March 2023 and March 2024, down from an annual increase of 3.4% in the 12 months to February 2024.
This is the fifth time since September 2021 that the annual growth in the CPI has been below 5% while also being the fifth consecutive month where the inflation rate was lower than 5%.
Excluding energy and unprocessed food, the CPI went up by 4.1% in the 12 months to March 2024.
The divisions with the largest increases in the 12 months to March 2024 were Recreation & Culture (+8.3%) and Restaurants & Hotels (+5.5%).
The only divisions to record a decline when compared with March 2023 were Clothing & Footwear (-6.6%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.6%).
Consumer prices grew by 0.5% in the month between February 2024 and March 2024.
The divisions with the largest growth in the month were Transport (+2.9%) and Recreation & Culture (+2.8%).
The divisions with the largest declines in the month were Housing, Water, Electricity, Gas & Other Fuels (-1.8%) and Clothing & Footwear (-1.8%).
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 | ||||
Nov 2023 | -0.8 | 3.9 | -0.9 | 2.5 | |||
Dec 2023 | 0.5 | 4.6 | 0.4 | 3.2 | |||
Jan 2024 | -1.3 | 4.1 | -1.4 | 2.7 | |||
Feb 2024 | 1.0 | 3.4 | 1.1 | 2.3 | |||
Mar 2024 | 0.5 | 2.9 | 0.3 | 1.7 |
X-axis label | CPI | HICP |
---|---|---|
Mar 2023 | 7.7 | 7 |
Apr 2023 | 7.2 | 6.3 |
May 2023 | 6.6 | 5.4 |
Jun 2023 | 6.1 | 4.8 |
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 |
Prices on average, as measured by the CPI, were 2.9% higher in March 2024 compared with March 2023.
The most notable changes in the year were increases in Recreation & Culture (+8.3%), Restaurants & Hotels (+5.5%), Transport (+3.7%) and Miscellaneous Goods & Services (+3.6%). The only divisions to show a decrease were Clothing & Footwear (-6.6%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.6%).
Consumer Prices in March, as measured by the CPI, increased by 0.5% in the month. During March of last year, prices rose by 1.1% in the month. The most significant monthly price changes were increases in Transport (+2.9%) and Recreation & Culture (+2.8%). The largest decreases were recorded in Housing, Water, Electricity, Gas and Other Fuels (-1.8%) and Clothing & Footwear (-1.8%).
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 (+0.95 pp), Recreation & Culture (+0.57 pp), Transport (+0.47 pp) and Miscellaneous Goods & Services (+0.38 pp).
The only divisions to cause a downward contribution to the CPI in the year were Clothing & Footwear (-0.38 pp) and Furnishings, Household Equipment & Routine Household Maintenance (-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 (+0.36 pp) and Restaurants & Hotels (+0.21 pp). The divisions which caused the largest downward percentage point contributions to the CPI in the month were Housing, Water, Electricity, Gas and Other Fuels (-0.29 pp) and Clothing & Footwear (-0.10 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 4.5% in the year to March, while Goods increased by 0.5%. Services, excluding mortgage interest repayments, increased by 3.1% in the year since March 2023.
The CPI excluding tobacco increased by 0.4% in the month of March and rose by 2.7% in the year. The CPI excluding mortgage interest rose by 0.4% in the month and increased by 2.0% 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 1.7% compared with March 2023.
Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were increases in Recreation & Culture (+8.3%), Restaurants & Hotels (+5.5%), Transport (+3.8%) and Alcoholic Beverages & Tobacco (+3.2%). There were decreases in Clothing & Footwear (-6.7%), Housing, Water, Electricity, Gas & Other Fuels (-4.2%), Furnishings, Household Equipment & Routine Household Maintenance (-0.6%) and Health (-0.5%).
The HICP increased by 0.3% in the month. This compares to an increase of 0.9% recorded in March of last year.
The most significant monthly price changes were increases in Transport (+3.1%) and Recreation & Culture (+2.8%). There were decreases in Housing, Water, Electricity, Gas and Other Fuels (-2.3%) and Clothing & Footwear (-1.9%).
National Average Prices for selected goods and services for March 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 (11 April 2024) published the Consumer Price Index (CPI) March 2024.
Commenting on annual changes shown in the release, Anthony Dawson, Statistician in the Prices Division, said: “Today’s publication of the Consumer Price Index (CPI) shows that prices for consumer goods and services in March 2024 rose by 2.9% on average when compared with March 2023. This is the fifth time since September 2021 that the annual growth in the CPI was below 5%. It is also the fifth consecutive month where the inflation rate was lower than 5%.
Annual Changes
The most significant rises in the 12 months to March 2024 were seen in Recreation & Culture (+8.3%) and Restaurants & Hotels (+5.5%). The annual change in Recreation & Culture costs reflects a rise in prices for package holidays (+37.8%).
Clothing & Footwear (-6.6%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.6%) were the only divisions to show a decrease when compared with March 2023.
Monthly Changes
Consumer prices in March 2024 rose by 0.5% in the month. During March 2023, prices grew by 1.1% in the month. In March 2024, the most significant monthly price changes were increases in Transport (+2.9%) and Recreation & Culture (+2.8%). Transport increased primarily due to higher prices for airfares.
Housing, Water, Electricity, Gas and Other Fuels (-1.8%) and Clothing & Footwear (-1.8%) were the divisions to show the largest declines when compared with February 2024.
It should be noted that these figures relate to the CPI. The flash estimate published on 02 April 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 March 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 March 2024 for a 2.5kg bag of potatoes (+48c) and 500g of Spaghetti (+3c), while there were decreases in the price of Irish Cheddar cheese per kg (-26c) and a pound of butter (-14c) when compared with March 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.