Consumer Price Index: Harmonized Prices: Food and Non-Alcoholic Beverages (COICOP 01): Total for Ireland
IRLCPHP0100IXEBM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
110.20
Year-over-Year Change
6.68%
Date Range
1/1/1996 - 11/1/2023
Summary
The Consumer Price Index: Harmonized Prices: Food and Non-Alcoholic Beverages (COICOP 01): Total for Ireland measures the changes in prices for food and non-alcoholic beverage purchases by Irish consumers over time. This metric is a key indicator of domestic inflationary pressures.
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 economic indicator tracks the price movements of a fixed basket of food and non-alcoholic beverage items representative of Irish household consumption. It is a harmonized index that allows for cross-country comparisons and is a crucial input for policymakers assessing the state of the Irish economy.
Methodology
The data is collected through a survey of retail outlets and service providers across Ireland.
Historical Context
Economists and policymakers use this index to gauge inflationary trends and make informed decisions about monetary and fiscal policies.
Key Facts
- Ireland's food and non-alcoholic beverage prices increased by 9.2% in 2022.
- This index is a component of the broader Harmonized Index of Consumer Prices (HICP) for Ireland.
- The Irish government uses this metric to track and manage domestic inflationary pressures.
FAQs
Q: What does this economic trend measure?
A: This trend measures the changes in prices for a fixed basket of food and non-alcoholic beverage items purchased by Irish consumers over time.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of domestic inflationary pressures in Ireland and a crucial input for policymakers assessing the state of the Irish economy.
Q: How is this data collected or calculated?
A: The data is collected through a survey of retail outlets and service providers across Ireland.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this index to gauge inflationary trends and make informed decisions about monetary and fiscal policies in Ireland.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of 1-2 months.
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Citation
U.S. Federal Reserve, Consumer Price Index: Harmonized Prices: Food and Non-Alcoholic Beverages (COICOP 01): Total for Ireland (IRLCPHP0100IXEBM), retrieved from FRED.