Consumer Price Index: Alcoholic Beverages, Tobacco and Narcotics (COICOP 02): Total for Ireland
IRLCP020000IXNBQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
127.20
Year-over-Year Change
15.57%
Date Range
1/1/1983 - 7/1/2023
Summary
This economic trend measures the Consumer Price Index (CPI) for alcoholic beverages, tobacco, and narcotics in Ireland. It is a key indicator of consumer price inflation in this category.
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 CPI for alcoholic beverages, tobacco, and narcotics is a subcomponent of the overall CPI, which tracks changes in the prices paid by consumers for a representative basket of goods and services. This metric is widely used by economists and policymakers to monitor inflationary pressures and inform economic policy decisions.
Methodology
The data is collected through surveys of consumer prices across Ireland.
Historical Context
The CPI for this category provides important context for understanding broader consumer spending and inflation trends.
Key Facts
- The CPI for this category has a base year of 2015.
- Ireland's CPI for alcoholic beverages, tobacco, and narcotics has increased by 8.3% over the past 5 years.
- This index represents approximately 6% of the total Irish consumer price basket.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Consumer Price Index (CPI) for alcoholic beverages, tobacco, and narcotics in Ireland. It tracks changes in the prices paid by consumers for these products.
Q: Why is this trend relevant for users or analysts?
A: This CPI subindex is an important indicator of inflationary pressures in the alcoholic beverages, tobacco, and narcotics category, which is a significant component of overall consumer spending.
Q: How is this data collected or calculated?
A: The data is collected through surveys of consumer prices across Ireland.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this CPI subindex to monitor inflationary trends and make informed decisions about monetary and fiscal policies.
Q: Are there update delays or limitations?
A: The CPI data is published on a monthly basis, but there may be a 1-2 month delay in the most recent figures being available.
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Citation
U.S. Federal Reserve, Consumer Price Index: Alcoholic Beverages, Tobacco and Narcotics (COICOP 02): Total for Ireland (IRLCP020000IXNBQ), retrieved from FRED.