The Consumer Price Index (CPI) – indicting inflation – rose to 1.9% in the 12 months to January 2025, the Central Statistics Office (CSO) has reported.
This figure is up from the 1.4% increase from the 12 months to December 2024, and the CSO reported that – excluding Energy and Unprocessed Food – the CPI grew by 2.5% in the 12 months to January.
Restaurants & Hotels and Transport were the two sectors that saw the most growth in the 12 month period, both increasing by 3.9%.
The increase in Restaurants & Hotels directly reflects high consumer prices for food and alcoholic drinks in the hospitality sector as a result of stubborn inflation.
Meanwhile, Clothing & Footwear and Furnishings were the only sectors to see a decline, of 6.5% and 0.8% respectively.
Overall, consumer prices fell by 0.8% between December 2024 and January 2025, with the largest declines in that month belonging to Clothing & Footwear (8.6%) and Recreation & Culture (4.3%) as consumers reigned in spending following the festive season.
The divisions that recorded the most growth in the month period were Alcoholic Beverages & Tobacco at 3.1% and Health at 1.4%.
National Average Prices
In terms of average prices on essentials, there were a number of price increases in the 12 months to January 2024.
Most notably, the average price of a pound of butter increased by 55 cent.
Other increases included Irish cheddar per kilogram (up 35 cent), two litres of full fat milk (up 18 cent), a 2.5kg bag of potatoes (up 11 cent) and 500g of spaghetti (up 1 cent).
An 800g loaf of brown sliced pan (down 2 cent) and an 800g loaf of white sliced pan (down 1 cent) were the only decreases.
Comments
Speaking about the results, statistician at the prices division Anthony Dawson said, “Today’s release of the CPI shows that prices for consumer goods and services in January 2025 rose by 1.9% on average when compared with January 2024.
“The most significant increases in the 12 months to January 2025 were seen in Restaurants & Hotels (3.9%) and Transport (3.9%).
“The annual change in Restaurants & Hotels costs reflects higher prices for alcoholic drinks and food consumed in licensed premises, restaurants, cafés, etc.
“Consumer prices in January 2025 fell by 0.8% in the month.
“Alcoholic Beverages & Tobacco (3.1%) and Heath (1.4%) were the divisions to show the largest growth when compared with December 2024.”
Dawson added, “It should be noted that these figures relate to the CPI. The flash estimate published on 31 January 2025 related to the EU Harmonised Index of Consumer Prices (HICP).”
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