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Transport, Alcoholic Beverage, Hotel And Restaurant Prices Increased Year-On-Year In May

By Dave Simpson

The prices of transport, alcoholic beverages, hotels and restaurants increased year-on-year in May, according to the Central Statistics Office (CSO) Consumer Price Index for May 2022.

Year-On-Year Price Changes

According to a statement published on CSO.ie, transport prices increased by 16.5% year-on-year in May, while alcoholic beverage & tobacco prices increased by 7.5%, restaurant & hotel prices increased by 5.9%, and food and non-alcoholic beverage prices increased by 0.53%.

The statement published on CSO.ie noted that transport prices increased year-on-year mainly as a result of a rise in prices for diesel, petrol, motor cars, air fares and services in respect of personal transport equipment and air fares, with this increase beingpartially offset by lower prices for passenger transport by bus & coach, while restaurant & hotel prices increased 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 food & non-alcoholic beverage prices increased as a result of higher prices across a range of products such as meat, bread & cereals, and milk, cheese & eggs.

Month-On-Month Price Changes

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Additionally, alcoholic beverage & tobacco prices decreased by 2% month-on-month in May, according to the statement published on CSO.ie, which also noted that the divisions that caused the largest upward contribution to the CPI in May were housing, water, electricity, gas & other fuels (+0.64%) and restaurants & hotels (+0.17%) while the division that caused the largest downward contribution in May was transport (-0.24%) and alcoholic beverage & tobacco prices increased by 2.0% monthly, with restaurants & hotels prices increasing in May as result of a rise the cost of hotel accommodation and higher prices for alcoholic drinks and food consumed in hospitality venues, and transport prices decreasing in May primarily as a result of lower prices for airfares, passenger transport by bus & coach, and rail fares, with this decrease being partially offset by higher prices for petrol, diesel and motor cars.

© 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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