Consumer Price Index: Health (COICOP 06): Total for Ireland
IRLCP060000IXNBQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
111.37
Year-over-Year Change
5.26%
Date Range
1/1/1983 - 7/1/2023
Summary
The Consumer Price Index: Health (COICOP 06): Total for Ireland measures changes in the prices of healthcare goods and services purchased by Irish consumers. This key economic indicator provides insights into inflation and cost-of-living trends in the Irish healthcare sector.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Consumer Price Index: Health (COICOP 06): Total for Ireland is a component of the broader Irish consumer price index, which tracks the average change in prices paid by consumers for a basket of goods and services. The health-specific index focuses on measuring price changes for medical products, appliances and equipment, as well as outpatient, hospital, and other healthcare services.
Methodology
The data is collected by Ireland's Central Statistics Office through regular surveys of consumer prices.
Historical Context
Policymakers and economists use this index to monitor healthcare-related inflationary pressures and cost-of-living trends in Ireland.
Key Facts
- The health component accounts for around 5% of Ireland's overall consumer price index.
- Prices for healthcare services have risen faster than for medical goods in recent years.
- Healthcare inflation has outpaced the broader rate of consumer price inflation in Ireland.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index: Health (COICOP 06): Total for Ireland measures changes in the prices of healthcare goods and services purchased by Irish consumers.
Q: Why is this trend relevant for users or analysts?
A: This index provides insights into healthcare-related inflationary pressures and cost-of-living trends in Ireland, which is crucial information for policymakers, economists, and consumers.
Q: How is this data collected or calculated?
A: The data is collected by Ireland's Central Statistics Office through regular surveys of consumer prices.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this index to monitor healthcare-related inflationary pressures and cost-of-living trends in Ireland, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The index is published monthly with a typical 1-2 month delay, and may be subject to revisions over time.
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Citation
U.S. Federal Reserve, Consumer Price Index: Health (COICOP 06): Total for Ireland (IRLCP060000IXNBQ), retrieved from FRED.