Consumer prices rose by 5.8% in the year to July 2023

Kenneth Fox

Consumer prices rose by 5.8 per cent over the 12 months to July 2023, according to the Central Statistics Office (CSO).

That was down though from an annual increase of 6.1 per cent in the 12 months to June 2023.

This is the 22nd straight month where the annual increase in the CPI has been at least 5.0 per cent.

The CPI excluding energy and unprocessed food increased by 6.6 per cent in the 12 months to July 2023.

The areas with the largest increases in the 12 months to July 2023 were housing, water, electricity, gas & other fuels up by 16.5 per cent and recreation &  culture up 13.9 per cent.

Education (-6.3 per cent) and transport (-4.5 per cent) were the only divisions to show a decrease when compared with July 2022.

Consumer prices rose by 0.2 per cent in the month between June 2023 and July 2023.

The divisions with the largest growth in the month were recreation & culture (+3.4 per cent) and transport (+1.4 per cent).

The divisions with the largest declines in the month were clothing & footwear (-7.8 per cent) and furnishings, household equipment & routine household maintenance (-0.3 per cent).

Commenting on annual changes, Anthony Dawson, statistician in the prices' division, said: “The latest publication for the CPI shows prices for consumer goods and services in July 2023 increased by 5.8 per cent on average when compared with July 2022.

"This was down from 6.1 per cent in the 12 months to June 2023. Prices have been rising on an annual basis since April 2021, with annual inflation of 5.0 per cent or more recorded in each month since October 2021."

Consumer prices in July rose by 0.2 per cent in the month. During July 2022, prices grew by 0.4 per cent in the month.

The National Average Prices for selected goods and services for July were also published on Thursday. The National Average Prices are compiled together with the CPI.

Commenting on the National Average Prices, Anthony Dawson said: “The National Average Price of a number of items rose in July 2023

"There were price increases for an 800g loaf of white sliced pan (+5c), a 800g loaf of brown sliced pan (+6c), two litres of full fat milk (+15c), and a pound of butter (+24c) when compared with July 2022.”