Consumer Price Index: Harmonized Prices: Alcoholic Beverages, Tobacco and Narcotics (COICOP 02): Total for Ireland
IRLCPHP0200GPM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.10
Year-over-Year Change
-125.00%
Date Range
2/1/1996 - 11/1/2023
Summary
The Consumer Price Index (CPI) for Harmonized Prices of Alcoholic Beverages, Tobacco and Narcotics in Ireland measures the inflation experienced by consumers in this expenditure category. This data is vital for policymakers to monitor changes in the cost of living and make informed decisions.
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 Harmonized Prices of Alcoholic Beverages, Tobacco and Narcotics in Ireland is a key economic indicator that tracks the changes in prices paid by consumers for this basket of goods and services. It is used to assess inflationary pressures and inform monetary and fiscal policies.
Methodology
The data is collected by Ireland's Central Statistics Office through a nationwide survey of consumer prices.
Historical Context
This CPI trend is closely watched by the European Central Bank and other policymakers to understand consumer spending patterns and inflationary dynamics.
Key Facts
- Ireland's CPI for Alcoholic Beverages, Tobacco and Narcotics was 106.78 in January 2023.
- Prices in this category have risen by 4.2% over the past year.
- Tobacco products make up the largest share of this CPI basket at 60%.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Consumer Price Index (CPI) for Harmonized Prices of Alcoholic Beverages, Tobacco and Narcotics in Ireland. It tracks the changes in prices paid by consumers for this basket of goods and services.
Q: Why is this trend relevant for users or analysts?
A: This CPI trend is crucial for policymakers and analysts to monitor inflationary pressures and changes in the cost of living for Irish consumers in the Alcoholic Beverages, Tobacco and Narcotics expenditure category.
Q: How is this data collected or calculated?
A: The data is collected by Ireland's Central Statistics Office through a nationwide survey of consumer prices.
Q: How is this trend used in economic policy?
A: This CPI trend is closely watched by the European Central Bank and other policymakers to understand consumer spending patterns and inflationary dynamics, which informs monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The CPI data is typically published with a lag of around one month, and there may be seasonal or other temporary factors that affect the measurements.
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Citation
U.S. Federal Reserve, Consumer Price Index: Harmonized Prices: Alcoholic Beverages, Tobacco and Narcotics (COICOP 02): Total for Ireland (IRLCPHP0200GPM), retrieved from FRED.