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 January 2023.
Data
According to a statement published on CSO.ie, as measured by the CPI, prices, on average, increased by 7.8%, year on year, in January of this year, with the most notable changes being increases in housing, water, electricity, gas & other fuels (+26.4%), food & non-alcoholic beverages (+12.8%), restaurants & hotels (+7.3%), and clothing & footwear (+5.0%). Meanwhile, education (-7.2%), miscellaneous goods & services (-0.7%) and recreation & culture (-0.2%) all experienced decreases, and the most significant monthly price changes were decreases in clothing & footwear (-6.4%) and transport (-2.9%), while alcoholic beverages & tobacco (+2.5%) and housing, water, electricity, gas & other fuels (+0.9%) experienced increases.
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 (+4.36%), food & non-alcoholic beverages (+1.45%), restaurants & hotels (+1.10%) and transport (+0.42%).
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 and cereals, milk, cheese and 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. Transport increased, mainly as a result of price increases for motor cars, diesel, the maintenance and repair of personal transport equipment, and spare parts and accessories for personal transport equipment, with this rise being partially offset by lower passenger transport by bus and coach and petrol prices.
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 housing, water, electricity, gas & other fuels (+0.17%) and alcoholic beverages & tobacco (+0.14%), while the divisions that caused the largest downward contribution to the CPI in the month were transport (-0.38%) and clothing & footwear (-0.32%). Housing, water, electricity, gas & other fuels increased, primarily as a result of cost rises in mortgage interest repayments, rents, and liquid fuels (home-heating oil), and alcoholic beverages & tobacco increased, mainly as a result of higher prices for alcoholic beverages sold in supermarkets and off-licences. Transport decreased, mainly as a result of lower prices for airfares, services in respect of personal transport equipment, and diesel, with this decrease being partially offset by a rise in motor car costs. Clothing & footwear decreased as a result of sales.
Read More: Restaurant And Hotel Prices Increased Year On Year In December, Notes CSO
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