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CSO statistical release, , 11am

Consumer Price Index

July 2018

CPI and HICP
 CPI HICP
 % monthly change % annual change % monthly change % annual change
Mar 20180.3 0.2 0.4 0.5
Apr 2018-0.2 -0.4 -0.2 -0.1
May 20180.6 0.4 0.6 0.7
Jun 20180.1 0.4 0.1 0.7
Jul 20180.4 0.8 0.4 1.0

Prices rise by 0.8% in the year to July 2018

Figure 1: CPI/HICP - ALL ITEMS Annual Percentage Change
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Prices on average, as measured by the CPI, were 0.8% higher in July compared with July 2017.

The most notable changes in the year were increases in Housing, Water, Electricity, Gas & Other Fuels (+5.4%), Alcoholic Beverages & Tobacco (+2.8%), Transport (+2.2%) and Restaurants & Hotels (+1.8%).  There were decreases in Furnishings, Household Equipment & Routine Household Maintenance (-3.9%), Miscellaneous Goods & Services (-3.2%), Food & Non-Alcoholic Beverages (-2.1%) and Communications (-2.0%).

Consumer Prices in July, as measured by the CPI, increased by 0.4% in the month.  During July of last year, prices were unchanged in the month.  The most significant monthly price changes were increases in Transport (+3.2%) and Restaurants & Hotels (+0.8%).  There were decreases in Clothing & Footwear (-5.6%) and Furnishings, Household Equipment & Routine Household Maintenance (-1.4%).

Contributions to the overall CPI – annual change

Table 17 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 (+0.76%), Restaurants & Hotels (+0.37%) and Transport (+0.35%).

The divisions which caused the largest downward contribution to the CPI in the year were Miscellaneous Goods & Services (-0.37%), Food & Non-Alcoholic Beverages (-0.22%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.19%).

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

  • Housing, Water, Electricity, Gas & Other Fuels rose mainly due to higher rents and an increase in the price of home heating oil, electricity and gas.
  • Restaurants & Hotels increased primarily 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.
  • Transport rose mainly due to higher prices for diesel and petrol which was partially offset by a decrease in air fares.
  • Miscellaneous Goods & Services decreased primarily due to lower health and motor insurance premiums and lower prices for appliances, articles & products for personal care.
  • Food & Non-Alcoholic Beverages fell due to lower prices across a range of products such as meat, vegetables, bread & cereals and jam, honey, chocolate & confectionery.
  • Furnishings, Household Equipment & Routine Household Maintenance decreased mainly due to the reduced cost of non-durable household goods, furniture & furnishings, household textiles and glassware, tableware & household utensils.

Contributions to the overall CPI – monthly change

The divisions which caused the largest upward contribution to the CPI in the month were Transport (+0.47%) and Restaurants & Hotels (+0.15%).  The divisions which caused the largest downward contribution in the month were Clothing & Footwear (-0.24%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.06%).

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

  • Transport increased mainly due to an increase in air fares.
  • Restaurants & Hotels rose due to an increase in the cost of hotel accommodation and higher prices for alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc.
  • Clothing & Footwear decreased due to sales.
  • Furnishings, Household Equipment & Routine Household Maintenance fell mainly due to the reduced cost of furniture & furnishings, non-durable household goods and household textiles.

CPI sub-indices

The sub index for Services rose by 1.0% in the year to July, while Goods increased by 0.2%.  Services, excluding mortgage interest repayments, increased by 1.1% in the year since July 2017.

The CPI excluding tobacco increased by 0.4% in the month of July and rose by 0.6% in the year.  The CPI excluding mortgage interest increased by 0.3% in the month and rose by 0.8% in the year.

Harmonised Index of Consumer Prices

Prices on average, as measured by the EU Harmonised Index of Consumer Prices (HICP), increased by 1.0% compared with July 2017.

The most notable changes in the year were increases in Housing, Water, Electricity, Gas & Other Fuels (+6.9%), Alcoholic Beverages & Tobacco (+2.8%), Transport (+2.2%) and Restaurants & Hotels (+1.8%).  There were decreases in Furnishings, Household Equipment & Routine Household Maintenance (-4.0%), Food & Non-Alcoholic Beverages (-2.1%), Communications (-2.0%) and Miscellaneous Goods & Services (-1.8%).

The HICP increased by 0.4% in the month.  This compares to an increase of 0.1% recorded in July of last year.

The most significant monthly price changes were increases in Transport (+3.3%) and Restaurants & Hotels (+0.7%).  There were decreases in Clothing & Footwear (-5.6%) and Furnishings, Household Equipment & Routine Household Maintenance (-1.5%).  

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

2 See background notes for more detail.