Consumer Price Index: Harmonized Prices: Restaurants and Hotels (COICOP 11): Total for Ireland
IRLCPHP1100GPM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-0.70
Year-over-Year Change
600.00%
Date Range
2/1/1996 - 11/1/2023
Summary
The Consumer Price Index: Harmonized Prices: Restaurants and Hotels (COICOP 11): Total for Ireland measures inflation in the restaurant and hotel sectors of the Irish economy. This data is crucial for understanding consumer spending patterns and the overall state of the service industry.
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
This index tracks changes in prices paid by Irish consumers for a basket of goods and services related to dining out and hotel stays. It is part of the Harmonized Index of Consumer Prices (HICP), which allows for international comparisons of inflation across the European Union.
Methodology
The data is collected through surveys of businesses and households by the Central Statistics Office of Ireland.
Historical Context
Policymakers and analysts use this index to assess inflationary pressures and make informed decisions about monetary and fiscal policies.
Key Facts
- The index uses 2015 as its base year.
- Restaurants and hotels account for over 11% of the Irish consumer price basket.
- Ireland's restaurant and hotel prices have risen 23% since 2015.
FAQs
Q: What does this economic trend measure?
A: This index measures changes in the prices paid by Irish consumers for a basket of goods and services related to dining out and hotel stays.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding consumer spending patterns and the overall state of the Irish service industry, which is an important driver of the country's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and households by the Central Statistics Office of Ireland.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess inflationary pressures and make informed decisions about monetary and fiscal policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of approximately one month.
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Citation
U.S. Federal Reserve, Consumer Price Index: Harmonized Prices: Restaurants and Hotels (COICOP 11): Total for Ireland (IRLCPHP1100GPM), retrieved from FRED.