CSO reports 2.2% rise in consumer prices for June 2024
Consumer prices grew by 0.4% in the month between May 2024 and June 2024 (Photo by Olly via Pexels)
The Central Statistics Office (CSO) has recently published the Consumer Price Index (CPI) June 2024.
Anthony Dawson, statistician, Prices Division, CSO, said: “Today’s publication of the Consumer Price Index (CPI) shows that prices for consumer goods and services in June 2024 rose by 2.2% on average when compared with June 2023. This is the eighth time since September 2021 that the annual growth in the CPI was below 5%. It is also the eighth consecutive month where the inflation rate was lower than 5%.”
The most significant rises in the 12 months to June 2024 were seen in Transport (+4.9%) and Restaurants & Hotels (+4.4%). The annual change in Transport costs reflects increases in prices for diesel (+12.8%) and petrol (+9.3%).
Clothing & Footwear (-6.7%) and Furnishings, Household Equipment & Routine Household Maintenance (-1.1%) were the only divisions to show a decrease when compared with June 2023.
Monthly changes
Consumer prices in June 2024 rose by 0.4% in the month. During June 2023, prices grew by 0.8% in the month. In June 2024, the most significant monthly price changes were increases in Recreation & Culture (+2.5%) and Transport (+0.8%). Recreation & Culture rose due to an increase in the cost of package holidays.
Communications (-0.6%) and Furnishings, Household Equipment & Routine Household Maintenance (-0.3%) were the divisions to show the largest declines when compared with May 2024.
It should be noted that these figures relate to the CPI. The flash estimate published on 01 July 2024 related to the EU Harmonised Index of Consumer Prices (HICP).
National average prices
The National Average Prices are compiled together with the CPI.
“There was a price increase in June 2024 for a 2.5kg bag of potatoes (+70c), while there were decreases in the price of Irish cheddar cheese per kg (-13c), an 800g loaf of white sliced pan (-5c) and two litres of full fat milk (-4c) when compared with June 2023,” concluded Dawson.
