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Restaurant & Hotel Prices Increased Year-On-Year In October, Says CSO

By Dave Simpson

Restaurant & hotel prices increased year-on-year in October, according to data revealed by the Central Statistics Office (CSO) in its Consumer Price Index (CPI) October 2022.

Data

According to a statement published on CSO.ie, as measured by the CPI, prices on average increased 9.2% year-on-year in October of this year, with the most notable changes in the year being increases in housing, water, electricity, gas & other fuels (+27.8%), food & non-alcoholic beverages (+10.6%), transport (+9.0%), and alcoholic beverages & tobacco (+8.7%), while the most significant monthly price changes were increases in housing, water, electricity, gas & other fuels (+8.7%) and food & non-alcoholic beverages (+1.1%), but there were monthly decreases in education (-6.0%) and restaurants & hotels (-0.4%).

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 (+4.24%), transport (+1.23%), food & non-alcoholic beverages (+1.22%), and restaurants & hotels (+1.14%).

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According to the CSO statement, 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 by railway, while food & non-alcoholic beverages increased as result of higher prices across a range of products including meat, bread & cereals, milk, cheese & eggs and vegetables, and restaurants & hotels increased annually primarily as result of to higher prices for alcoholic drinks and food consumed in hospitality venues and an increase in the cost of hotel accommodation.

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 (+1.56%), and food & non-alcoholic beverages (+0.12%), while the divisions that caused the largest downward contribution to the CPI in the month were education (-0.10%), and restaurants & hotels (-0.06%), with food & non-alcoholic beverages increases as a result of higher prices across a range of products including milk, cheese & eggs, meat, mineral waters, soft drinks, fruit & vegetable juices, and bread & cereals, and restaurants & hotels decreased monthly as a result of lower prices for hotel accommodation, with this decrease being partially offset by higher prices for alcoholic drinks and food consumed in hospitality venues.

© 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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