|Unit||Index Dec2016=100, NSA|
|Adjustments||Not Seasonally Adjusted|
The Consumer Price Index (CPI) measures the change in prices of goods and services for the consumer.
Due to variations in the methods for calculating CPI, comparisons of CPI from country to country can be inconsistent. To address this problem, the EU developed the Harmonized Index of Consumer Prices (HICP), based on a coordinated methodology.
The CPI is calculated back to 1975 and has a base year 2011=100. The HICP is calculated back to 1996 and has a base year 2015=100.
The source wrote:
The index expresses the current cost of purchasing a fixed basket of consumer goods and services as a percentage of the cost of purchasing the same identical basket at the base period December 2011 equal to 100. It is compiled from prices collected over a period of more than one week, i.e. the Monday prior to the second Tuesday of the month up to and including the third Tuesday of the month.
The CPI is an average price index designed to cover all household types from urban to rural, from high to low-income and covering differences in age and marital status. It measures the price changes of goods and services typically consumed by all consumers. The expenditure of foreign tourist on holiday in Ireland is included since December 2001, while the expenditure of institutional households is included since January 2013.
The index is split into 12 main COICOP divisions (each of which has its own individual set of price indices, i.e. inflation) as follows:
01 Food and Non-Alcoholic Beverages
02 Alcoholic Beverages and Tobacco
03 Clothing and Footwear
04 Housing, Water, Electricity, Gas and Other Fuels
05 Furnishings, Household Equipment and Routine Household Maintenance
09 Recreation and Culture
11 Restaurants and Hotels
12 Miscellaneous Goods and Services
The CPI is compiled and published on a monthly basis. The reference day for pricing was the second Tuesday of each month up to 2010. Since February 2010, prices are collected over a period of more than one working week, i.e. Monday prior to the second Tuesday of the month up to and including the third Tuesday of the month.
According to the source:
Once the CPI indices are published, they are never revised. The HICP, on the other hand, is a revisable index although there have been no revisions to date.
Additional information can be found on the Central Statistics Office of Ireland website: http://www.cso.ie/en/statistics/prices/