Consumer Price Index October 2024

Headline Table and Graph

Figure 1 shows the development of the CPI and HICP over recent months. It also shows the recent difference between the CPI and HICP. This difference is primarily due to the fact 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 0.7% higher in October 2024 compared with October 2023.

The most notable changes in the year were increases in Alcoholic Beverages & Tobacco (+4.9%), Restaurants & Hotels (+3.7%), Recreation & Culture (+3.6%) and Education (+2.6%). The divisions to show a decrease were Clothing & Footwear (-7.4%), Transport (-2.2%), Housing, Water, Electricity, Gas & Other Fuels (-1.9%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.8%).

Consumer Prices in October, as measured by the CPI, increased by 0.3% in the month. During October of last year, prices also rose by 0.3% in the month. The most significant monthly price changes were increases in Education (+2.6%) and Alcoholic Beverages & Tobacco (+2.3%). The only declines were recorded in Transport (-0.7%) and Restaurants & Hotels (-0.6%).

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 (+0.73 pp), Recreation & Culture (+0.25 pp), Miscellaneous Goods & Services (+0.23 pp) and Alcoholic Beverages & Tobacco (+0.22 pp).

The divisions to cause a downward contribution to the CPI in the year were Clothing & Footwear (-0.40 pp), Housing, Water, Electricity, Gas & Other Fuels (-0.35 pp), Transport (-0.27 pp) and Furnishings, Household Equipment & Routine Household Maintenance (-0.05 pp).

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

• Restaurants & Hotels increased primarily due to higher prices for alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc.
• Recreation & Culture rose mainly due to higher prices for package holidays, recreational & sporting services and cultural services.
• Miscellaneous Goods & Services increased primarily due to higher premiums for health and motor insurance and an increase in prices for hairdressing salons & personal grooming. This increase was partially offset by lower prices for childcare services and appliances, articles & products for personal care.
• Alcoholic Beverages & Tobacco rose mainly due to higher prices for tobacco products and wine sold in supermarkets and off licences.
• Clothing & Footwear fell due to sales. 
• Housing, Water, Electricity, Gas & Other Fuels decreased primarily due to a reduction in the price of electricity, gas, liquid fuels (home heating oil) and coal. This decrease was partially offset by an increase in the cost of rent and mortgage interest repayments.
• Transport fell mainly due to lower prices for diesel, petrol and airfares. This decrease was partially offset by an increase in the cost of the maintenance & repair of personal transport equipment, motor cars and other services in respect of personal transport equipment.
• Furnishings, Household Equipment & Routine Household Maintenance decreased primarily due to lower prices for household textiles.

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 percentage point contributions to the CPI in the month were Miscellaneous Goods & Services (+0.12 pp) and Alcoholic Beverages & Tobacco (+0.11 pp). The only divisions to cause a downward percentage point contribution to the CPI in the month were Restaurants & Hotels (-0.11 pp) and Transport (-0.09 pp).

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

• Miscellaneous Goods & Services rose mainly due to higher premiums for health insurance and an increase in prices for appliances, articles & products for personal care. 
• Alcoholic Beverages & Tobacco increased due to higher prices for tobacco products.
• Restaurants & Hotels decreased primarily due to lower prices for hotel accommodation.
• Transport fell mainly due to lower prices for petrol, diesel and airfares.

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 2.2% in the year to October, while Goods decreased by 1.5%. Services, excluding mortgage interest repayments, increased by 1.8% in the year since October 2023.

The CPI excluding tobacco increased by 0.2% in the month of October and rose by 0.6% in the year. The CPI excluding mortgage interest rose by 0.3% in the month and increased by 0.5% 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 0.1% compared with October 2023.

Table 19 details the COICOP sub-indices for the HICP. The most notable changes in the year were increases in Alcoholic Beverages & Tobacco (+4.9%), Restaurants & Hotels (+3.7%), Recreation & Culture (+3.7%) and Education (+2.6%). There were decreases in Clothing & Footwear (-7.4%), Housing, Water, Electricity, Gas & Other Fuels (-4.2%), Transport (-2.4%) and Miscellaneous Goods & Services (-1.4%).

The HICP increased by 0.3% in the month. This compares to an increase of 0.2% recorded in October of last year.

The most significant monthly price changes were increases in Education (+2.6%) and Alcoholic Beverages & Tobacco (+2.3%). There were decreases in Transport (-0.7%) and Restaurants & Hotels (-0.5%).

National Average Price

National Average Prices for selected goods and services for October 2024 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 4 cents in the year to October 2024, while the same size brown sliced pan reduced by 2 cents in the year.
• Spaghetti per 500g decreased by 4 cents in the year, while the average price for 2.5kg of potatoes was up 31 cents.
• The national average price of full fat milk per 2 litres was up 3 cents in the year, while butter per lb rose by 49 cents and the average price of Irish cheddar per kg increased by 9 cents.
• The national average price of a take-home 50cl can of lager at €2.41 was up 7 cents from October 2023, while a take-home 50cl can of cider at €2.68 was up 8 cents.
• In October 2024, the national average price of a pint of stout in licensed premises was €5.82, up 20 cents in the year, while a pint of lager was €6.25, up 19 cents compared with October 2023.