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:

• Housing, Water, Electricity, Gas & Other Fuels rose mainly due to an increase in the cost of home heating oil, electricity, gas, solid fuels, higher rents and mortgage interest repayments.
• Transport increased primarily due to a rise in prices for diesel, petrol, motor cars, services in respect of personal transport equipment and air fares. This increase was partially offset by lower prices for passenger transport by bus & coach.
• Restaurants & Hotels rose 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.
• Food & Non-Alcoholic Beverages increased due to higher prices across a range of products such as meat, bread & cereals and milk, cheese & eggs.
• Miscellaneous Goods & Services decreased mainly due to a reduction in prices for motor insurance premiums, jewellery, clocks & watches, health insurance premiums and articles & products for personal care. This decrease was partially offset by an increase in prices for hairdressing salons & personal grooming establishments.

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:

• Housing, Water, Electricity, Gas & Other Fuels rose mainly due to an increase in the cost of electricity, home heating oil, gas and higher rents.
• Restaurants & Hotels increased due to a rise in the cost of hotel accommodation and higher prices for alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc.
• Transport decreased mainly due to lower prices for airfares, passenger transport by bus & coach and rail fares. This decrease was partially offset by higher prices for petrol, diesel and motor cars.

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).