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Restaurant And Hotel Prices Increased Year On Year In November, Notes CSO

By Dave Simpson

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 November 2022.

Data

According to a statement published on CSO.ie, as measured by the CPI, prices, on average, increased by 8.9%, year on year, in November of this year, with the most notable changes being increases in housing, water, electricity, gas & other fuels (+27.1%), food & non-alcoholic beverages (+11.2%), alcoholic beverages & tobacco (+9.1%) and transport (+7.9%), with decreases in education (-7.1%) and miscellaneous goods & services (-0.2%), while there was a 7.6% annual increase for restaurants and hotels. The most significant monthly price changes were increases in clothing & footwear (+1.9%) and food & non-alcoholic beverages (+0.7%), and there were decreases in alcoholic beverages & tobacco (-0.4%) and education (-0.4%), with no monthly change for hotels and restaurants.

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 (+4.46%), food & non-alcoholic beverages (+1.28%), restaurants & hotels (+1.15%) and transport (+1.09%).

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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 result of higher prices across a range of products, including meat, bread & cereals, milk, cheese & eggs, and vegetables. Restaurants & hotels increased annually, primarily as result of higher prices for alcoholic drinks and food consumed in hospitality venues, and an increase in the cost of hotel accommodation. Transport increased annually, mainly as a result of an increase in prices for motor cars, diesel, petrol, and services in respect of personal transport equipment, with this increase being partially offset by lower prices for passenger transport by bus & coach and railway.

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 (+0.13%) and food & non-alcoholic beverages (+0.08%), while the divisions that caused the largest downward contribution to the CPI in the month were alcoholic beverages & tobacco (-0.02%) and recreation & culture (-0.01%), with housing, water, electricity, and gas & other fuels increasing primarily as a result of a rise in the cost of mortgage interest repayments and rents, with this rise being partially offset by lower prices for liquid fuels (home heating oil). Food & non-alcoholic beverages rose as a result of higher prices across a range of products, including milk, cheese & eggs, bread & cereals, and vegetables. Alcoholic beverages & tobacco decreased as a result of lower prices for alcoholic beverages sold in supermarkets and off-licences, and recreation & culture declined mainly as a result of a decrease in the cost of games, toys and hobbies.

© 2022 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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