Figures released on Tuesday show that Irish consumers paid 1% more for goods and services in December 2024 compared to the same month in 2023. The increase was driven by rising transport and food prices, according to the harmonised index of consumer prices (HICP).
Irish people paid 1 percent more for goods and services in December than during the same month a year earlier, figures published on Tuesday show. Rising transport and food prices boosted the cost of living in the Republic over the last 12 months, as measured by the harmonised index of consumer prices ( HICP ), which allows the EU to compare inflation in states across the euro zone.
The latest flash estimate for the Republic, published by the Central Statistics Office, calculates that the cost of consumer goods and services rose 1 percent in 2024. Prices rose 0.9 percent from November to December, a surge that Anthony Dawson, statistician with the CSO’s prices division, attributed to the fact that pre-Christmas sales such as Black Friday mean that November is “normally a low month”. The HICP is not the official measure of inflation in the State and excludes the impact of areas like mortgage repayments. The monthly Consumer Price Index, also published by the CSO, is the official gauge. Tuesday’s figures suggest that energy prices have fallen by 4.6 percent since December 2023, though they ticked up 0.7 percent between November and December 2024. Electricity demand rose sharply in both months as cold weather took hold.The HICP estimated that Irish inflation grew 0.5 percent in the 12 months to November 2024, while it increased 2.2 percent across the euro zone as a whole over the same period. Mr Dawson noted that, excluding energy and unprocessed food, the index “is estimated to have risen by 1.6 percent since December 2023″. The CSO will publish the official CPI for December 2024 in mid-January. The office will include the final HICP figures for that period with that release. Tuesday’s figures were a flash estimat
INFLATION CONSUMER PRICES IRELAND HICP ECONOMY
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