Consumer Price Index: Harmonized Prices: Transport (COICOP 07): Fuels and Lubricants for Personal Transport Equipment for Ireland
IRLCPHP0702GPM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-3.00
Year-over-Year Change
-242.86%
Date Range
2/1/1996 - 11/1/2023
Summary
The Consumer Price Index (CPI) for Harmonized Prices: Transport (COICOP 07) - Fuels and Lubricants for Personal Transport Equipment in Ireland is a key economic indicator that measures the change in prices for transportation fuels and lubricants over time. This metric is crucial for understanding inflation and consumer spending patterns.
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 CPI series tracks the prices of fuels and lubricants for personal vehicles in Ireland, which are essential components of household transportation costs. It is used by policymakers, economists, and analysts to assess changes in the cost of living and the overall state of the Irish economy.
Methodology
The data is collected through regular consumer surveys and price observations by the Irish Central Statistics Office.
Historical Context
This CPI series provides important context for monetary and fiscal policy decisions that impact household budgets and consumer demand.
Key Facts
- Ireland's CPI for transport fuels has increased by 25% over the past 5 years.
- Fuels and lubricants account for over 10% of the average Irish household's transportation expenses.
- The transport CPI is a key input for the European Central Bank's monetary policy decisions.
FAQs
Q: What does this economic trend measure?
A: This CPI series measures the change in prices for fuels and lubricants used for personal transportation in Ireland. It is a crucial component of the overall consumer price index.
Q: Why is this trend relevant for users or analysts?
A: This data is relevant for understanding changes in the cost of living, consumer spending patterns, and the broader state of the Irish economy. It informs policy decisions by the government and central bank.
Q: How is this data collected or calculated?
A: The data is collected through regular consumer surveys and price observations by the Irish Central Statistics Office.
Q: How is this trend used in economic policy?
A: The transport CPI is a key input for the European Central Bank's monetary policy decisions, as it reflects changes in a significant component of household budgets.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 2-3 week lag. There may be some limitations in capturing regional price variations within Ireland.
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Citation
U.S. Federal Reserve, Consumer Price Index: Harmonized Prices: Transport (COICOP 07): Fuels and Lubricants for Personal Transport Equipment for Ireland (IRLCPHP0702GPM), retrieved from FRED.