According to a statement published on CSO.ie, the Consumer Price Index (CPI) rose by 7.7%, year on year, last month – down from an annual increase of 8.5% in the 12 months to February of this year.
According to the statement published on CSO.ie, the upward contribution to the CPI in the year by food & non-alcoholic beverages was 1.45%, while restaurants & hotels was 1.36%, and recreation & culture was 0.32%.
According to the CSO statement, 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; and recreation & culture increased mainly as a result of higher prices for recreational & sporting services participation, package holidays, and products for pets.
Additionally, according to the statement published on CSO.ie, the upward contribution to the CPI in the month by restaurants & hotels was 0.30%, while transport was 0.27%, and alcoholic beverages & tobacco had a downward contribution of -0.01%.
According to the CSO statement, restaurants & hotels increased as a result of higher alcoholic drink and food prices in hospitality venues and a rise in hotel accommodation costs; transport rose mainly as a result of higher airfares and motor car prices, with this rise being partially offset by lower diesel and petrol prices; and alcoholic beverages & tobacco decreased as a result of lower prices for wine and spirits sold in supermarkets and off-licences, with this decrease being partially offset by a rise in tobacco product costs.
© 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.