Latest news with #EUHarmonisedIndexofConsumerPrices
Irish Independent
31-07-2025
- Business
- Irish Independent
Food prices rising at three times the rate of general inflation
Higher grocery costs are forcing families to cut back and buy cheaper cuts of meat. Provisional inflation figures for July from the Central Statistics Office (CSO) show that the cost of food is continuing to rise sharply. Overall inflation was up by 1.6pc in the year to July, a rise of 0.2pc since June. But food prices are estimated to have risen by 4.6 over the last year, with a rise of 0.2pc in the last month. This is according to a measure called the EU Harmonised Index of Consumer Prices (HICP) for Ireland, the CSO said. Energy prices are estimated to have grown by 1.5pc in the month. But they have fallen by 0.3pc over the last year. The harmonised index excluding energy and unprocessed food is estimated to have grown by 1.7pc since July 2024. Transport costs have risen by 1.2pc in the month, but fell by 2.7pc in the 12 months to July this year. Recent research has found that shoppers are buying less in a bid to save money. ADVERTISEMENT Learn more They have reached a 'tipping point' due to relentless price rises, pushing them to buy cheaper items and use other tactics to keep costs down, according to separate research from grocery data firm Kantar. Emer Healy, business development director at Kantar, said recently: 'Although households have been adjusting their spending for some time now, what we're seeing is a clear 'tipping point' when inflation goes above 3pc to 4pc. 'This is when shoppers really start to feel it in their wallets, and they change their behaviour.' Research from consultancy firm KPMG found the cost-of-living squeeze means that getting the best price is the main priority for shoppers. People are making choices about where to shop best on the prices they can get, according to the recent KPMG Next Gen Retail Survey. The survey found that close to six out of 10 shoppers say that getting the best price is the main priority when deciding where to shop. Researchers found that Irish shoppers are actively modifying their shopping behaviours to manage household budgets. KPMG found that almost a third of Irish shoppers feel less financially secure now compared to the start of the year. The research highlights significant financial pressure that Irish consumers are under, and a risk of further consumer price pressure as the impact of tariffs take effect. More than half of the respondents (54pc) said they are now buying less items to save money. Last month, Agriculture Minister Martin Heydon warned that the recent surge in food prices is unlikely to be reversed. He said it reflects farmers' input costs. UCC economist Oliver Browne has calculated that grocery prices have cumulatively increased by 36pc in the past four years. A leading farming group has blamed politicians for the rising cost of produce, warning consumers that the days of 'cheap food' are over. The Irish Creamery Milk Suppliers Association (ICMSA) also accused politicians of 'profound ignorance' as it blamed them for adding cost to food production. The ICSMA said rising food prices are here to stay.
Agriland
06-06-2025
- Business
- Agriland
CSO: Domestic milk intake up 12.6% in year to April
The domestic milk intake by milk processors and co-ops was estimated at 1.07 billion litres in April 2025, according to a new report from the Central Statistics Office (CSO). This represents an increase of 120.4 million litres (12.6%) when compared with April 2024 and up 44.4 million litres (+4.3%) when compared with the same month in 2023. Stephanie Kelleher, statistician in the Agriculture Section of the CSO said that the data shows that fat content for April 2025 was 4.08%, down from 4.27% in April 2024. She said that protein content also rose from 3.27% to 3.47% in the 12 months to April 2025. According to the CSO, the total milk sold for human consumption was 40.1 million litres, which was slightly down on the previous year (40.2 million). Kelleher said: 'For the period January to April 2025, domestic milk intake was estimated at 2.38 billion litres, a rise of 175 million litres (7.9%) when compared with the same period in 2024, but down by 6.3 million litres (0.3%) when compared with 2023. 'Skimmed milk powder production was up by 3,500 tonnes from 13,200 tonnes in April 2024 to 16,700 tonnes in April 2025,' Kelleher added. CSO In other news, last week (May 30), data released by the CSO showed that food prices are estimated to have risen by more than 4% since last year. The EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have risen by 1.4% in the 12 months to May 2025 and remained unchanged since April 2025. This compares with HICP inflation of 2% in Ireland in the 12 months to April 2025 and an annual increase of 2.2% in the HICP for the eurozone in the same period. Looking at the components of the flash HICP for Ireland in May 2025, food prices are estimated to have increased by 1% in the last month and by +4.1% in the last 12 months.
Irish Independent
03-06-2025
- Business
- Irish Independent
Cost of groceries at ‘tipping point' as prices rise at double the rate of inflation
Grocery prices were up 4.96pc by May 18th, compared to the same 12-week period last year, according to Kantar's data. That's well over double the general rate of inflation – which the Central Statistics Office puts at 1.4pc in the year to the end of May. Grocery prices are also rising twice as fast as they were in the same period last year, Kantar said. Rapidly rising food prices have caught many shoppers off guard this year, including dairy in particular. Earlier CSO data in May showed the price of a pound of butter had risen by close to €1 over the past year to an average of €4.69, a surge of more than 26pc. The Kantar data confirms the high price of groceries is forcing shoppers to change their habits, including a more intensive hunt for bargains and discounts. Shoppers spent an additional €124m on promotional lines over the last 12 weeks compared to the same period last year, according to Kantar, which recorded the highest share of packs on promotion since May 2021. 'Rising prices are influencing both sales performance and consumer behaviour,' according to Emer Healy, Business Development Director at Kantar. 'Although households have been adjusting their spending for some time now, what we're seeing is a clear 'tipping point' when inflation goes above 3pc to 4pc. This is when shoppers really start to feel it in their wallets, and they change their behaviour. 'As a result, supermarkets are having to be more creative in the way they attract shoppers in-store and online – offering quality products at the right price.' Branded (47.4pc) and own label (47.1pc) products now make up almost identical market share. Premium own label continues to grow faster than the market as a whole. The latest Kantar data shows Dunnes Stores held the top spot as Ireland's busiest grocery chain in May, with a 2.38pc market share. That put it ahead of Tesco (23.3pc) and Supervalu (20.3pc) and well ahead of Lidl (13.8pc) and Aldi (11.7pc). Ireland, figures from the CSO last week showed prices, measured using the EU Harmonised Index of Consumer Prices (HICP) had risen 1.4pc in the 12 months to May 2025, although food prices are up 4.1pc in the last 12 months. The Irish figures show energy prices are estimated to have fallen by 1.3pc in the month and decreased by 2.6pc over the 12 months to May 2025, with knock on effects across a range of sectors and as well as for households.
Agriland
30-05-2025
- Business
- Agriland
CSO: Food prices increase by 4% in past year
Food prices are estimated to have risen by more than 4% since last year according to the latest data released by the Central Statistics Office (CSO) today (Friday, May 30). The EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have risen by 1.4% in the 12 months to May 2025 and remained unchanged since April 2025. This compares with HICP inflation of 2% in Ireland in the 12 months to April 2025 and an annual increase of 2.2% in the HICP for the eurozone in the same period. Looking at the components of the flash HICP for Ireland in May 2025, food prices are estimated to have increased by 1% in the last month and by +4.1% in the last 12 months. Energy prices are estimated to have fallen by 1.3% in the month and decreased by 2.6% over the 12 months to May 2025. The HICP, excluding energy and unprocessed food, is estimated to have gone up by 1.8% since May 2024. Eurostat will publish flash estimates of inflation from the EU HICP for the eurozone for May 2025 on June 3, 2025. Commenting on the data published today, statistician in the CSO Prices Division, Anthony Dawson 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 1.4% in the past year. 'Looking at the components of the flash HICP in Ireland for May 2025, energy prices are estimated to have decreased by 1.3% in the month and fallen by 2.6% since May 2024. 'The HICP, excluding energy and unprocessed food prices, is estimated to have risen by 1.8% since May 2024. 'Food prices are estimated to have grown by 1% in the last month and increased by 4.1% in the last 12 months. Transport costs have fallen by 3% in the month and decreased by 2.4% in the 12 months to May 2025,' he added. The Consumer Price Index (CPI) is the official measure of inflation for Ireland and is published monthly by the CSO. The CPI release for May 2025 will be published on June 12, 2025 and the final results of the HICP for Ireland for May 2025 will be published as part of the CPI release. The HICP is an index of consumer prices that has been harmonised to allow comparisons across eurozone countries. The CSO compiles the HICP flash estimates and final results for Ireland and submit those to Eurostat which then compiles the eurozone estimate and publishes that along with the results for the countries within the eurozone.
Irish Examiner
30-05-2025
- Business
- Irish Examiner
Irish inflation remains steady in May at 1.4%
Irish inflation remained steady in May and was unchanged compared to the previous month. New figures released by the Central Statistics Office (CSO) on Friday found that the EU Harmonised Index of Consumer Prices (HICP) rose by 1.4% in the 12 months to May 2025. This compares with an inflation figure of 2% in the 12 months to April and an annual increase of 2.2% in the HICP for the Eurozone in the same period. Looking at the components of the flash HICP for Ireland in May 2025, energy prices are estimated to have fallen by 1.3% in the month and decreased by 2.6% over the 12 months to May 2025. Meanwhile, food prices are estimated to have increased by 1% in the last month and by 4.1% in the previous 12 months. The HICP excluding energy and unprocessed food is estimated to have risen by 1.8% since May 2024. The consumer price index (CPI) is the official measure of inflation in Ireland, while the HICP is an index of consumer prices that has been harmonised to allow for comparisons across euro area countries. While the CPI includes mortgage rates in its basket of goods, the HICP does not. Eurostat will publish flash estimates of inflation from the EU HICP for the Eurozone for May 2025 on 03 June 2025. It comes as economists warn the ECB to avoid delays in its easing of monetary policy. The bank will lower interest rates twice more, according to a Bloomberg survey, but respondents warned it shouldn't wait too long between those moves or investors will conclude that its easing campaign is already over. Respondents predict quarter-point reductions on June 5 and at September's meeting, when new quarterly forecasts should shed more light on the effects of US President Donald Trump's reordering of global trade. That would bring the deposit rate to 1.75%, where the poll sees it settling through the end of 2026.
