CSO: Consumer prices rose by 1.4% in 2024
The Consumer Price Index (CPI) rose by 1.4% between December 2023 and December 2024, up from an annual increase of 1% in the 12 months to November 2024.
Excluding energy and unprocessed food, the CPI grew by 2.1% in the 12 months to December 2024, according to the latest publication from the Central Statistics Office (CSO).
The divisions with the largest increases in the 12 months to December 2024 were 'Restaurants & Hotels' (+3.7%) and 'Recreation & Culture' (+3.3%).
The only divisions to record a decline when compared with December 2023 were 'Clothing & Footwear' (-8.0%) and 'Furnishings, Household Equipment & Routine Household Maintenance' (-1.3%).
Consumer prices went up by 0.9% in the month between November 2024 and December 2024.
The divisions with the largest growth in the month were 'Transport' (+4.1%) and 'Recreation & Culture' (+3.0%). Transport increased mainly due to higher prices for airfares, diesel, and petrol.
The only divisions to record a decline in the month were 'Alcoholic Beverages & Tobacco' (-0.9%) and 'Communications' (-0.2%).
Commenting on annual changes shown in the publication, statistician in the Prices Division of CSO Ireland, Anthony Dawson said: “Today’s release of the CPI shows that prices for consumer goods and services in December 2024 rose by 1.4% on average when compared with December 2023.
"The most significant increases in the 12 months to December 2024 were seen in 'Restaurants & Hotels' (+3.7%) and 'Recreation & Culture' (+3.3%).
"The annual change in 'Restaurants & Hotels' costs reflects higher prices for food and alcoholic drinks consumed in licensed premises, restaurants, cafes etc.
"'Clothing & Footwear' (-8.0%) and 'Furnishings, Household Equipment & Routine Household Maintenance' (-1.3%) were the only divisions to show a decrease when compared with December 2023," he added.
The National Average Prices for selected goods and services for December 2024 are also published today. The National Average Prices are compiled together with the CPI.
Commenting on the National Average Prices, Anthony Dawson said: “There were price increases in December 2024 for a pound of butter (+60c); 2L of full fat milk (+18c); a 2.5kg bag of potatoes (+16c); Irish cheddar per kg (+14c); and spaghetti per 500g (+3c).
"There were decreases in the price of an 800g loaf of white sliced pan (-1c), and an 800g loaf of brown sliced pan (-1c) when compared with December 2023.”
