CSO: Inflation rate 4.7% for December

The Central Statistical Office (CSO) has reported a 0.3 per cent decrease in inflation for the month of December, according to a release on its retail price index on January 22.

The inflation rate – measured as a percentage change in the average all items index – for January to December 2023/2022 was 4.7 per cent, compared to five per cent for January-November 2023/2022.

The inflation rate for the previous comparative period (January-December 2022/2021) was 5.8 per cent.

CSO said the all-items index of retail prices was 124.1, representing an increase of 0.1 points, or 0.1 per cent above the index for November.

The index for food and non-alcoholic beverages increased from 147 in November to 147.3 in December, reflecting an increase of 0.2 per cent.

“Contributing significantly to this increase was the general upward movement in the prices of tomatoes, fresh carite, peas and carrots, cucumber, eggs, parboiled rice, pumpkin, fresh King fish, chocolate malt beverages and white sugar,” the release said.

However, the full impact of these price increases was offset by the general decrease in the prices of fresh whole chicken, Irish potatoes, hot peppers, full cream powdered milk, salted pigtail, soya bean oil, cheddar cheese, onions, green sweet peppers and teabags.

“A further review of the data for December compared with November reflected a decrease in the sub-indices for alcoholic beverages and tobacco of 0.6 per cent and clothing and footwear of 0.2 per cent. Also, this period showed an increase in the sub-index for health of 0.1 per cent. All other sections remained unchanged,” the release said.