Restaurant and hotel prices increased year on year last month, according to data revealed by the Central Statistics Office (CSO) in its Consumer Price Index (CPI) for December 2022.
Data
According to a statement published on CSO.ie, as measured by the CPI, prices, on average, increased by 8.2%, year on year, in December of last year, with the most notable changes being increases in housing, water, electricity, gas & other fuels (+25.9%), food & non-alcoholic beverages (+11.7%), alcoholic beverages & tobacco (+10.7%) and restaurants and hotels (+8.1%). The most significant monthly price changes were decreases in transport (-2.6%) and alcoholic beverages & tobacco (-2.7%), and there were increases in food & non-alcoholic beverages (+0.1%) and hotels & restaurants (+0.7%).
Annual Changes
According to the statement published on CSO.ie, the divisions that caused the largest upward contribution to the CPI in the year were housing, water, electricity, gas & other fuels (+4.25%), food & non-alcoholic beverages (+1.35%), restaurants & hotels (+1.22%) and alcoholic beverages & tobacco (+0.61%).
According to the CSO statement, housing, water, electricity, and gas & other fuels rose primarily as a result of a rise in the cost of electricity, gas, liquid fuels (home heating oil), solid fuels, and higher rents and mortgage interest repayments. Food & non-alcoholic beverages increased as a result of higher prices across a range of products, including meat, bread & cereals, milk, cheese & eggs, and vegetables. Restaurants & hotels increased annually primarily as a result of higher prices for alcoholic drinks and food consumed in hospitality venues, and an increase in the cost of hotel accommodation. Alcoholic beverages & tobacco increased annually mainly as a result of a higher supermarket and off licence prices for alcoholic beverages and an increase in tobacco products cost.
Monthly Changes
Additionally, according to the statement published on CSO.ie, the divisions that caused the largest upward contribution to the CPI in the month were food & non-alcoholic beverages (+0.12%) and hotels & restaurants (+0.10%), while the divisions that caused the largest downward contribution to the CPI in the month were transport (-0.35%) and housing, water, electricity, gas & other fuels (-0.09%), with food & non-alcoholic beverages increasing as a result of higher prices across a range of products, including meat, bread & cereals, milk, cheese & eggs, and vegetables, and hotels & restaurants increasing primarily as a result of higher prices for alcoholic drinks and food consumed in hospitality venues, with the increase being partially offset by a hotel accommodation price reduction. Transport decreased mainly as a result of lower prices for diesel and petrol, with this decrease being partially offset by higher airfare prices and higher prices for services in respect of personal transport equipment, and housing, water, electricity, gas & other fuels decreased as a result of lower liquid fuels (home heating oil) prices, with this decrease being partially offset by a rise in the cost of rents, mortgage interest repayments and electricity.
Read More: Restaurant And Hotel Prices Increased Year On Year In November, Notes CSO
© 2023 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.
