Monday 18 December 2017

Lower clothing costs contribute to 0.2pc drop in consumer prices - CSO

Clothing and footwear decreased due to sales
Clothing and footwear decreased due to sales
Louise Kelly

Louise Kelly

Prices for consumer goods were 0.2pc lower in July 2017 compared with the same month last year.

According to the latest figures from the Central Statistics Office (CSO), the cost of clothing (down 5.9pc), household items (down 4.3pc), recreation (down 2.4pc) and food/non-alcoholic drinks (down 2pc) were the most notable which saw price decreases.

Meanwhile, the largest price increases were in restaurants/hotels (up 2.4pc), housing costs (up 2.1pc), education (up 1.7pc) and alcohol/tobacco (up 1.3pc).

On a monthly measurement, however, there was no change in consumer prices, compared with a decrease of 0.2pc during July 2016.

For the month, the most significant price changes were decreases in clothing (down 6.7pc) and household items (down 1.5pc), while increases in transport (up 2.4pc) and restaurants/hotels (up 1.1pc) were most notable.

 

The main factors contributing to the annual change:

◾Clothing and footwear decreased due to sales

◾Food and non alcoholic drinks fell due to lower prices across a range of products such as bread & cereals, jam, honey, chocolate & confectionery and vegetables.

◾Furnishings, household equipment and routine household maintenance decreased primarily due to the reduced cost of furniture & furnishings, non-durable household goods and glassware, tableware & household utensils.

◾Restaurants and hotels increased mainly due to higher prices for alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc. and an increase in the cost of hotel accommodation.

◾Housing, water, electricity, gas & other fuels rose mainly due to higher rents which was partially offset by a decrease in the price of electricity and gas and lower mortgage interest repayments.

 

The main factors contributing to the monthly change:

◾Clothing and footwear decreased due to sales

◾Miscellaneous goods and services fell mainly due to lower motor insurance premiums and lower prices for other personal effects.

◾Transport rose primarily due to an increase in the cost of air fares which was partially offset by lower prices for diesel & petrol.

◾Restaurants and hotels increased mainly due to higher prices for hotel accommodation and an increase in the price of alcoholic drinks and food consumed in licensed premises, restaurants, cafes etc.

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