Food prices in Ireland soared by 8.6% in the 12 months to July 2023, according to a new report from the Central Statistics Office (CSO).
The CSO report, based on the European Union Harmonised Index of Consumer Prices (HICP), shows that prices generally in Ireland are estimated to have increased by 4.6% from July 2022 to July 2023.
This is in keeping with the CSO Consumer Price Index June 2023 which also showed that consumer prices rose overall by 6.1% over the 12 months to June 2023.
According to the CSO the HICP is an index of consumer prices that has been harmonised to allow comparisons across Eurozone countries.
The HICP for Ireland shows that inflation was at 4.8% in the 12 months to June 2023 compared to an annual increase of 5.5% in the HICP for the Eurozone during the same period.
Anthony Dawson, statistician in the prices division at the CSO, said: “The latest flash estimate of the Harmonised Index of Consumer Prices compiled by the CSO, indicates that prices for consumer goods and services in Ireland are estimated to have increased by 4.6% in the past year.
“Food prices are estimated to have risen by 0.2% in the last month and increased by 8.6% in the last 12 months. Transport costs increased by 1.3% in the month and decreased by 4.1% in the 12 months to July 2023.”
The HICP – excluding energy and unprocessed food prices – is estimated to have risen by 5% since July 2022.
“Looking at the components of the flash HICP in Ireland for July 2023, energy prices are estimated to have increased by 0.2% in the month and decreased 1.3% since July 2022,” Dawson added.
Over 27 of the 44 months since November 2019, when the CSO’s flash estimate has been published by Eurostat, there has been no difference between Ireland’s flash estimate and final result of the HICP.