The EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have increased by 1% in the 12 months to December 2024 and risen by 0.9% since November 2024.
This compares with HICP inflation of 0.5% in Ireland in the 12 months to November 2024 and an annual increase of 2.2% in the HICP for the Eurozone in the same period.
That’s according to the latest publication by the Central Statistics Office (CSO) on the flash estimate for the HICP.
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.
Eurostat then compiles the eurozone estimate and publishes that along with the results for the countries within the eurozone.
Food prices
Looking at the components of the flash HICP for Ireland in December 2024, energy prices are estimated to have grown by 0.7% in the month and fallen by 4.6% over the 12 months to December 2024.
Food prices are estimated to have decreased by 0.1% in the last month and increased by 1.7% in the last 12 months.
The HICP excluding energy and unprocessed food is estimated to have risen by 1.6% since December 2023.
Eurostat will publish flash estimates of inflation from the EU HICP for the eurozone for December 2024 on January 7, 2025.
Commenting on the data published today, Anthony Dawson, statistician in the Prices Division of CSO, 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% in the past year.
“Looking at the components of the flash HICP in Ireland for December 2024, energy prices are estimated to have risen by 0.7% in the month and fallen by 4.6% since December 2023.
“The HICP excluding energy and unprocessed food prices is estimated to have risen by 1.6% since December 2023.
“Food prices are estimated to have decreased by 0.1% in the last month and increased by 1.7% in the last 12 months. Transport costs have increased by 4.4% in the month and risen by 1.7% in the 12 months to December 2024,” he added.