LAST UPDATE | 31 Jan 2023

THE EU HARMONISED Index of Consumer Prices (HICP) for Ireland has estimated that prices here have increased by 7.7% in the year to January.

This compares with HICP inflation of 8.2% in Ireland in the 12 months to December 2022 and an annual increase of 9.2% in the HICP for the Eurozone in the same period.

The Central Statistics Office (CSO) today published the flash estimate of inflation from the EU HICP for Ireland for January. 

The HICP is an index of consumer prices that has been harmonised to allow comparisons across Eurozone countries.

The CSO compiles the estimates and final results for Ireland. These are sent to Eurostat who then publishes the figures alongside results for other countries within the Eurozone. 

Looking at the components of the flash HICP for Ireland in January 2023, energy prices are estimated to have decreased by 0.1% in the month but are up by 33.1% since January 2022.

The HICP excluding energy is estimated to have increased by 5.2% since January 2022.

On a monthly basis, the EU HICP for Ireland is estimated to have decreased by 0.8% since last month.

Commenting on the data published today, CSO statistician in the prices division Anthony Dawson said: “The latest flash estimate of the HICP, compiled by the CSO, indicates that prices for consumer goods and services in Ireland are estimated to have increased by 7.7% in the past year. 

“Looking at at the components of the flash HICP in Ireland for January 2023, energy prices are estimated to be to have decreased by 0.1% in the month but are up an estimated 33.1% since January 2022. The HICP excluding energy prices is estimated to have increased by 5.2% since January 2022.”

These flash estimates are subject to revision when the final HICP results are published on 16 February.