Consumer Price Index October 2022

Soundbyte

This is an audio file with a 40-second quote from CSO statistician with the Prices Division, Anthony Dawson, about the October 2022 Consumer Price Index release.
Media outlets have permission to use the clip as long as they credit the CSO.

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 due to some items having different weights in the respective indices.

Annual and Monthly Price Changes

Prices on average, as measured by the CPI, were 9.2% higher in October 2022 compared with October 2021.

The most notable changes in the year were increases in Housing, Water, Electricity, Gas & Other Fuels (+27.8%), Food & Non-Alcoholic Beverages (+10.6%), Transport (+9.0%) and Alcoholic Beverages & Tobacco (+8.7%). There were decreases in Education (-6.6%) and Miscellaneous Goods & Services (-0.1%).

Consumer Prices in October, as measured by the CPI, increased by 1.6% in the month. During October of last year, prices rose by 0.7% in the month. The most significant monthly price changes were increases in Housing, Water, Electricity, Gas & Other Fuels (+8.7%) and Food & Non-Alcoholic Beverages (+1.1%). There were decreases in Education (-6.0%) and Restaurants & Hotels (-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 contribution to the CPI in the year were Housing, Water, Electricity, Gas & Other Fuels (+4.54%), Transport (+1.23%), Food & Non-Alcoholic Beverages (+1.22%) and Restaurants & Hotels (+1.14%).

The divisions which caused the largest downward contribution to the CPI in the year were Education (-0.12%) and Miscellaneous Goods & Services (-0.02%).

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 electricity, gas, liquid fuels (home heating oil), solid fuels, higher rents and mortgage interest repayments.
• Transport increased primarily due to a rise in prices for motor cars, diesel, petrol and services in respect of personal transport equipment. This increase was partially offset by lower prices for passenger transport by bus & coach and by railway.
• Food & Non-Alcoholic Beverages rose due to higher prices across a range of products such as meat, bread & cereals, milk, cheese & eggs and vegetables.
• Restaurants & Hotels increased 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.
• Education decreased primarily due to a reduction in costs associated with participating in third level education.
• Miscellaneous Goods & Services fell mainly due to a reduction in prices for motor insurance premiums, health insurance premiums and jewellery, clocks & watches. This decrease was partially offset by an increase in prices for articles & products for personal care, hairdressing salons & personal grooming establishments and house insurance premiums.

 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 upward contribution to the CPI in the month were Housing, Water, Electricity, Gas & Other Fuels (+1.56%) and Food & Non-Alcoholic Beverages (+0.12%). The divisions which caused the largest downward contribution to the CPI in the month were Education (-0.10%) and Restaurants & Hotels (-0.06%).

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

• Housing, Water, Electricity, Gas & Other Fuels rose mainly due to an increase in the cost of electricity, gas, solid fuels, liquid fuels (home heating oil), mortgage interest repayments and private rents.
• Food & Non-Alcoholic Beverages increased due to higher prices across a range of products such as milk, cheese & eggs, meat, mineral waters, soft drinks, fruit & vegetable juices and bread & cereals.
• Education decreased due to a reduction in costs associated with participating in third level education.
• Restaurants & Hotels fell due to lower prices for hotel accommodation. This decrease was partially offset by higher prices for alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc.

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 8.8% in the year to October, while Goods increased by 9.8%. Services, excluding mortgage interest repayments, increased by 8.4% in the year since October 2021.

The CPI excluding tobacco increased by 1.6% in the month of October and rose by 9.2% in the year. The CPI excluding mortgage interest rose by 1.5% in the month and increased by 9.1% in the year.

Harmonised Index of Consumer Prices

Prices on average, as measured by the EU Harmonised Index of Consumer Prices (HICP), increased by 9.4% compared with October 2021.

Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were increases in Housing, Water, Electricity, Gas & Other Fuels (+31.8%), Food and Non-Alcoholic Beverages (+10.5%), Transport (+9.1%) and Alcoholic Beverages & Tobacco (+8.7%). There was a decrease in Education (-6.6%).

The HICP increased by 1.5% in the month. This compares to an increase of 0.8% recorded in October of last year.

The most significant monthly price changes were increases in Housing, Water, Electricity, Gas & Other Fuels (+9.4%) and Food and Non-Alcoholic Beverages (+1.0%). There were decreases in Education (-5.9%) and Restaurants & Hotels (-0.3%).

National Average Price

National Average Prices for selected goods and services for October 2022 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 26 cents in the year to October 2022, while the same size brown sliced pan was up 24 cents in the year.
• Spaghetti per 500g increased by 28 cents in the year while the average price for 2.5kg of potatoes decreased by 6 cents.
• Full fat milk per 2 litres increased by 43 cents in the year while the average price of Irish cheddar per kg rose by €1.28 and butter per lb rose by 60 cents.
• The national average price of a take-home 50cl can of lager at €2.16 was up 23 cents on average from October 2021 while a take-home 50cl can of cider at €2.46 was up 26 cents.
• In October 2022, the national average price of a pint of stout in licensed premises was €5.15, up 20 cents a pint in the year, while a pint of lager was €5.56, up 26 cents compared with October 2021.