CPI and HICP | |||||||
CPI | HICP | ||||||
% monthly change | % annual change | % monthly change | % annual change | ||||
Jan 2022 | -0.4 | 5.0 | -0.4 | 5.0 | |||
Feb 2022 | 0.9 | 5.6 | 0.9 | 5.7 | |||
Mar 2022 | 1.9 | 6.7 | 2.1 | 6.9 | |||
Apr 2022 | 0.9 | 7.0 | 0.9 | 7.3 | |||
May 2022 | 0.9 | 7.8 | 1.1 | 8.3 |
Prices on average, as measured by the CPI, were 7.8% higher in May compared with May 2021.
The most notable changes in the year were increases in Housing, Water, Electricity, Gas & Other Fuels (+20.9%), Transport (+16.5%), Alcoholic Beverages & Tobacco (+7.5%) and Restaurants & Hotels (+5.9%). There were decreases in Miscellaneous Goods & Services (-1.8%) and Education (-0.8%).
Consumer Prices in May, as measured by the CPI, increased by 0.9% in the month. During May of last year, prices rose by 0.1% in the month. The most significant monthly price changes were increases in Housing, Water, Electricity, Gas & Other Fuels (+3.7%) and Alcoholic Beverages & Tobacco (+2.0%). There were decreases in Transport (-1.7%) and Miscellaneous Goods & Services (-0.1%).
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 (+3.33%), Transport (+2.16%), Restaurants & Hotels (+0.91%) and Food and Non-Alcoholic Beverages (+0.53%).
The division which caused the largest downward contribution to the CPI in the year was Miscellaneous Goods & Services (-0.22%).
The main factors contributing to the annual change were as follows:
Contributions to the overall CPI – monthly change
The divisions which caused the largest upward contribution to the CPI in the month were Housing, Water, Electricity, Gas & Other Fuels (+0.64%) and Restaurants & Hotels (+0.17%). The division which caused the largest downward contribution in the month was Transport (-0.24%).
The main factors contributing to the monthly change were as follows:
CPI sub-indices
The sub index for Services rose by 6.9% in the year to May, while Goods increased by 9.1%. Services, excluding mortgage interest repayments, increased by 7.0% in the year since May 2021.
The CPI excluding tobacco increased by 0.9% in the month of May and rose by 7.8% in the year. The CPI excluding mortgage interest increased by 0.9% in the month and rose by 7.9% in the year.
Harmonised Index of Consumer Prices
Prices on average, as measured by the EU Harmonised Index of Consumer Prices (HICP), increased by 8.3% compared with May 2021.
The most notable changes in the year were increases in Housing, Water, Electricity, Gas & Other Fuels (+25.4%), Transport (+16.6%), Alcoholic Beverages & Tobacco (+7.6%) and Restaurants & Hotels (+6.0%). There were decreases in Miscellaneous Goods & Services (-0.9%) and Education (-0.8%).
The HICP increased by 1.1% in the month. This compares to an increase of 0.2% recorded in May of last year.
The most significant monthly price changes were increases in Housing, Water, Electricity, Gas & Other Fuels (+4.7%) and Alcoholic Beverages & Tobacco (+2.0%). There was a decrease in Transport (-1.8%).
1 Classification of Individual Consumption by Purpose Adapted to the Needs of Harmonised Indices of Consumer Prices (2000).