Consumer Price Index November 2023

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.

Annual and Monthly Price Changes

Prices on average, as measured by the CPI, were 3.9% higher in November 2023 compared with November 2022.

The most notable changes in the year were increases in Recreation & Culture (+7.7%), Restaurants & Hotels (+7.0%), Food & Non-Alcoholic Beverages (+6.7%) and Alcoholic Beverages & Tobacco (+4.7%). There were no decreases when compared with November 2022.

Consumer Prices in November, as measured by the CPI, decreased by 0.8% in the month. During November of last year, prices rose by 0.3% in the month. The most significant monthly price changes were decreases in Housing, Water, Electricity, Gas & Other Fuels (-2.0%) and Recreation & Culture (-1.8%). There were increases in Clothing & Footwear (+0.5%) and Food & Non-Alcoholic Beverages (+0.4%).

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 Restaurants & Hotels (+1.10 pp), Housing, Water, Electricity, Gas & Other Fuels (+0.83 pp), Food & Non-Alcoholic Beverages (+0.71 pp) and Recreation & Culture (+0.53 pp).

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

• Restaurants & Hotels rose mainly 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.
• Housing, Water, Electricity, Gas & Other Fuels increased primarily due to a rise in the cost of mortgage interest repayments, rents and services for the maintenance & repair of the dwelling. This increase was partially offset by a reduction in prices for electricity, liquid fuels (home heating oil), gas and coal.
• Food & Non-Alcoholic Beverages rose due to higher prices across a range of products such as vegetables, meat, bread & cereals, mineral waters, soft drinks, fruit & vegetable juices and sugar, jam, honey, chocolate & confectionery.
• Recreation & Culture increased primarily due to higher prices for package holidays and participation in recreational & sporting services.

¹_{Classification of Individual Consumption by Purpose Adapted to the Needs of Harmonised Indices of Consumer Prices (2000).}

Monthly Change

The divisions which caused the largest downward percentage point contributions to the CPI in the month were Housing, Water, Electricity, Gas & Other Fuels (-0.38 pp) and Transport (-0.18 pp). The divisions which caused the largest upward percentage point contributions to the CPI in the month were Food & Non-Alcoholic Beverages (+0.04 pp) and Clothing & footwear (+0.03 pp).

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

• Housing, Water, Electricity, Gas & Other Fuels decreased primarily due to lower prices for electricity, gas and liquid fuels (home heating oil). This decrease was partially offset by a rise in the cost of mortgage interest repayments.
• Transport fell mainly due to lower prices for airfares, petrol and diesel.
• Food & Non-Alcoholic Beverages rose due to higher prices across a range of products such as vegetables and fruit.
• Clothing & Footwear increased due to a recovery from sales.

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 5.8% in the year to November, while Goods increased by 1.7%. Services, excluding mortgage interest repayments, increased by 3.8% in the year since November 2022.

The CPI excluding tobacco decreased by 0.9% in the month of November and rose by 3.8% in the year. The CPI excluding mortgage interest fell by 0.9% in the month and increased by 2.8% in the year.

¹_{Classification of Individual Consumption by Purpose Adapted to the Needs of Harmonised Indices of Consumer Prices (2000).}

Harmonised Index of Consumer Prices

Prices on average, as measured by the EU Harmonised Index of Consumer Prices (HICP), increased by 2.5% compared with November 2022.

Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were increases in Recreation & Culture (+7.8%), Restaurants & Hotels (+7.1%), Food & Non-Alcoholic Beverages (+6.7%) and Alcoholic Beverages & Tobacco (+4.7%). There were decreases in Housing, Water, Electricity, Gas & Other Fuels (-2.6%) and Miscellaneous Goods & Services (-0.7%).

The HICP decreased by 0.9% in the month. This compares to an increase of 0.2% recorded in November of last year.

The most significant monthly price changes were decreases in Housing, Water, Electricity, Gas & Other Fuels (-3.2%) and Recreation & Culture (-1.8%). There were increases in Clothing & Footwear (+0.6%) and Food & Non-Alcoholic Beverages (+0.4%).

National Average Price

National Average Prices for selected goods and services for November 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 down 2 cents in the year to November 2023, while the same size brown sliced pan was up 3 cents in the year.
• Spaghetti per 500g increased by 16 cents in the year while the average price for 2.5kg of potatoes was up 30 cents.
• Full fat milk per 2 litres decreased by 6 cents in the year while the average price of Irish cheddar per kg rose by 21 cents and butter per lb fell by 3 cents.
• The national average price of a take-home 50cl can of lager at €2.33 was up 16 cents on average from November 2022 while a take-home 50cl can of cider at €2.60 was up 13 cents.
• In November 2023, the national average price of a pint of stout in licensed premises was €5.64, up 48 cents in the year, while a pint of lager was €6.07, up 50 cents compared with November 2022.