The Consumer Price Index (CPI) rose by 8.2% between December 2021 and December 2022, down from an annual increase of 8.9% in the 12 months to November 2022.
This is the fifteenth straight month where the annual increase in the CPI has been at least 5.0%.
The divisions with the largest increases in the year to December were housing, water, electricity, gas and other fuels (+25.9%) and food & non-alcoholic beverages (+11.7%).
Education (-7.1%) and miscellaneous goods & services (-0.4%) were the only divisions to show a decrease when compared with December 2021.
The divisions with the largest decreases in the month were transport (-2.6%) and alcoholic beverages & tobacco (-0.7%).
The divisions with the largest increases in the month were furnishings, household equipment (+1.3%) and food and non-alcoholic beverages (+1.0%).
Commenting on annual changes shown in the release, Anthony Dawson, statistician in the Prices Division said: “The latest publication for the Consumer Price Index (CPI) shows that prices for consumer goods and services in December 2022 increased by 8.2% on average compared with December 2021, down from 8.9% in the 12 months to November 2022. Prices have been rising on an annual basis since April 2021, with annual inflation of 5.0% or more recorded in each month since October 2021.”
Consumer prices in December fell by 0.2% in the month compared with December 2021, when prices rose by 0.5% in the month. The most significant monthly price changes were decreases in transport (-2.6%) and alcoholic beverages and tobacco (-0.7%). Transport fell due to lower prices for diesel and petrol.
Furnishings, household equipment and routine household maintenance (+1.3%) and food and non-alcoholic beverages (+1.0%) showed an increase when compared with November 2022.
The National Average Prices for selected goods and services for December are also published this week. The National Average Prices are compiled together with the CPI. Commenting on the National Average Prices, Anthony Dawson said: “The National Average Price of a number of items rose in December 2022. There were price increases for an 800g loaf of white/brown sliced pan (+26c), 2 litres of full fat milk (+57c), and a pound of butter (+71c) when compared with December 2021.”
The comprehensive list of items included in the National Average Prices and their monthly prices are available at: https://data.cso.ie/table/CPM12.