Food prices are estimated to have remained the same in December 2023 and increased by 5.2% in the last 12 months, according to new data from the Central Statistics Office (CSO).
The EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have increased by 3.2% in the year to December 2023 and risen by 0.4% since November 2023.
This compares with HICP inflation of 2.5% in Ireland in the 12 months to November 2023 and an annual rise of 2.4% in the HICP for the Eurozone in the same period.
CSO
Commenting on the data published today (Thursday, January 4), Anthony Dawson, statistician in the CSO prices division, said:
“The latest flash estimate of the Harmonised Index of Consumer Prices (HICP), compiled by the CSO, indicates that prices for consumer goods and services in Ireland are estimated to have increased by 3.2% in the past year.
“Looking at the components of the flash HICP in Ireland for December 2023, energy prices are estimated to have fallen by 2.6% in the month and decreased by 6.4% since December 2022.
“The HICP excluding energy and unprocessed food prices is estimated to have grown by 4.3% since December 2022,” he added.
The data also shows that transport costs have risen by 0.7% in the month and increased by 3.9% in the year to December 2023.
Supermarkets
Meanwhile, Lidl has this week confirmed a further price drop of up to 35% across 100 items within its everyday range including fresh and frozen foods, cupboard staples, bakery items and home essentials.
The retailer said that it has already significantly reduced prices of more than 600 products since October 2023.
Since September 2023, Lidl Ireland has seen a 33% increase in shoppers choosing to do their main shop in its stores.
Kevin Haverty, chief commercial officer with Lidl Ireland said that the retailer is “acutely aware that the cost-of-living crisis continues to pose significant challenges” for its customers and suppliers.
“As we move into 2024, we’re proud to announce the latest round of price drops across a wide range of items, including many customer favourites. We hope this provides a boost for consumers in what is a challenging month for many,” he said.
Yesterday, Aldi confirmed a new series of price cuts of up to 23% across a range of products such as Irish beef burgers, free range chicken fillets and fat-free Greek yoghurt.
As a result, the retailer said that the cost of a typical trolley of the most popular goods has reduced from €121 to €106.
However, farm organisations have reacted with concern at the price cuts and how the move may impact primary producers.
Outgoing Irish Farmers’ Association (IFA) president Tim Cullinan said that farmers will be “very sceptical” over cuts by retailers to consumer prices.
The president of Irish Creamery Milk Suppliers’ Association (ICMSA), Denis Drennan, said that the price cuts have offered the newly operational An Rialálaí Agraibhia (Food Regulatory Office) its “first real test”.