Latest news with #EUHarmonisedIndexofConsumerPrices
Agriland
3 days ago
- 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
3 days ago
- 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.
Agriland
01-05-2025
- Business
- Agriland
Food prices up 3.1% since last year
Have you noticed your weekly grocery bill rising over recent months? Well, that may be because food prices have risen by more than 3% over the past year. The EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have risen by 2% in the 12 months to April 2025 and increased by 0.4% since March 2025. This compares with HICP inflation of 1.8% in Ireland in the 12 months to March 2025 and an annual increase of 2.2% in the HICP for the Eurozone in the same period, according to the latest data from the Central Statistics Office (CSO). Looking at the components of the flash HICP for Ireland in April 2025, energy prices are estimated to have fallen by 0.3% in the month and decreased by 1.7% over the 12 months to April 2025. Food prices are estimated to have increased by 0.6% in the last month and by 3.1% in the last 12 months. The HICP, excluding energy and unprocessed food, is estimated to have gone up by 2.5% since April 2024. Commenting on the data, 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 2.0% in the past year. 'Looking at the components of the flash HICP in Ireland for April 2025, energy prices are estimated to have decreased by 0.3% in the month and fallen by 1.7% since April 2024. 'The HICP excluding energy and unprocessed food prices is estimated to have risen by 2.5% since April 2024.' Food prices Food prices are estimated to have gone up by 0.6% in the last month and increased by 3.1% in the last 12 months. Transport costs have fallen by 0.1% in the month and are up by 2.1% in the 12 months to April 2025. The Consumer Price Index (CPI) is the official measure of inflation for Ireland and is published monthly by the CSO. 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 submits those to Eurostat which then compiles the Eurozone estimate and publishes that along with the results for the countries within the Eurozone. While the final HICP results for the Eurozone are usually published by Eurostat around the middle of the month following the reference month, flash estimates are issued around the end of each reference month. Eurostat is expected to publish the final HICP results for the Eurozone for April 2025 on May 19, 2025.
Irish Independent
30-04-2025
- Business
- Irish Independent
Food prices continue to rise, putting pressure on household budgets
The 'flash' estimate of inflation used across the European Union was 2pc in this country in April. This was up by 0.4pc since March, according to the Central Statistics Office (CSO). Annual price rises in this country, as measured by the EU Harmonised Index of Consumer Prices, of 2pc in the year to April compare with a rate of 2.2pc in the Eurozone for April. Energy prices are estimated to have fallen by 0.3pc in the month in this country, and decreased by 1.7pc in the year to April. But food prices are estimated to have increased by 0.6pc in the last month, and by 3.1pc in the last 12 months. The harmonised index, excluding energy and unprocessed food, is estimated to have gone up by 2.5pc since April last year. CSO statistician in the 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 2pc in the past year.' He said energy prices fell slightly in the last year, but food prices are up. Transport costs have fallen by 0.1pc in the month and are up by 2.1pc in the 12 months to April 2025. April saw a string of price rises imposed on households. The cost of health insurance, energy, broadband, mobile and television services all went up. Eight different providers raised charges from the start of the month. The flurry of price hikes has prompted calls for the Government to go back on its decision to end the cost-of-living packages for consumers. Health insurers Laya Healthcare, Irish Life Health and new player Level Health all raised their prices. Some health insurance plans rose in cost by up to 16pc. From April 2, SSE Airtricity hit its 250,000 electricity and 85,000 gas customers with huge price rises of 10.5pc and 8.4pc, respectively. Dual-fuel customers will face annual bills that are €285 higher over a year. Telecommunications giant Eir increased prices for around two million customers. Bills for 600,000 Sky Ireland customers went up this month. Vodafone's broadband plans will rise by a flat €3.50 from April. Its broadband and TV plans will go up by €4.50. Mobile phone operator Three Ireland imposes a 4.5pc price increase on its monthly charges every April, according to its website. Only Virgin Media Ireland and Tesco Mobile have committed to freezing prices this year. The overall rate of inflation in this country has eased a bit in the past few months from as high as 9pc, but consumers are still paying elevated prices for goods and services after two years of rapid cost increases. This is especially the case with energy. Most prices are up between 20pc and 30pc over the last two years. Experts said it could take at least two years before people get back the purchasing power and standard of living they had before inflation took off after the Russian invasion of Ukraine. This is particularly the case with food prices, which have jumped by up to 25pc cumulatively over the last two to three years.
RTÉ News
30-04-2025
- Business
- RTÉ News
Higher food prices push inflation up to 2% in April
Inflation rose by 2% in the 12 month period to April of this year, driven mainly driven by higher food prices. The latest figures show a marginal increase in the rise in the cost of living as measured by the Central Statistics Office as the figure for the 12 months to March was 1.8%. The latest data is part of the EU Harmonised Index of Consumer Prices which shows inflation in the euro zone was running at 2.2% in the year to March. In Ireland, food prices are estimated to have increased by 0.6% in the last month and by 3.1% in the past year. Energy prices are estimated to have fallen by 0.3% in April and decreased by 1.7% over the past 12 months, partly reflecting a substantial fall in the price of oil on world markets.
