Consumer prices rose by 7.7% over the 12 months to March 2023
Latest annual CPI increase of 7.7% is down from 8.5% in the 12 months to February 2023, according to the Central Statistics Office (CSO)
Print14 April 2023
The Consumer Price Index (CPI) rose by 7.7% between March 2022 and March 2023, down from an annual increase of 8.5% in the 12 months to February 2023, the Central Statistics Office (CSO) reports.
This is the eighteenth straight month where the annual increase in the CPI has been at least 5%. The divisions with the largest increases in the 12 months to March 2023 were Housing, Water, Electricity, Gas & Other Fuels (+20.8%) and Food & Non-Alcoholic Beverages (+13.1%).
Education (-6.3%) was the only division to show a decrease when compared with March 2022.
Consumer prices rose by 1.1% in the month between February 2023 and March 2023. The divisions with the largest increases in the month were Transport (+2.0%) and Restaurants & Hotels (+1.9%).
Meanwhile, the only divisions to show a fall in the month were Alcoholic Beverages & Tobacco (-0.2%) and Communications (-0.2%).
Annual changes
The most significant increases in the year were seen in Housing, Water, Electricity, Gas & Other Fuels which was up 20.8% and Food & Non-Alcoholic Beverages, which rose by 13.1%. Increased electricity (+62.7%) and gas (+85.9%) costs, along with higher mortgage interest repayments (+35.3%) are reflected in the yearly growth of Housing, Water, Electricity, Gas & Other Fuels.
The annual change in Food & Non-Alcoholic Beverages costs reflects a rise in prices across a range of products such as sugar (+36.8%), frozen fish (+26.9%), fresh whole milk (+24.3%), butter (+21.0%), and eggs (+20.0%) compared with March 2022.
Education (-6.3%) was the only division to show a decrease when compared with March 2022.
Monthly changes
Consumer prices in March rose by 1.1% in the month. During March 2022, prices rose by 1.9% in the month. The most significant monthly price changes were increases in Transport (+2.0%) and Restaurants & Hotels (+1.9%). Transport increased primarily due to higher prices for airfares.
Alcoholic Beverages & Tobacco (-0.2%) and Communications (-0.2%) were the only divisions to show a decrease when compared with February 2023.
It should be noted that these figures relate to the CPI. The flash estimate published on 30 March 2023 related to the EU Harmonised Index of Consumer Prices (HICP).”
National Average Prices
The CSO has also published the National Average Prices for selected goods and services for March, which are compiled together with the CPI.
“The National Average Price of a number of items rose in March 2023,” said the CSO’s Anthony Dawson.
“There were price increases for an 800g loaf of white/brown sliced pan (+25c), 2 litres of full fat milk (+45c), and a pound of butter (+68c) when compared with March 2022,” he added.
The comprehensive list of items included in the National Average Prices and their monthly prices are available at: https://data.cso.ie/table/CPM12.
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