Harmonized Index of Consumer Prices: Pharmaceutical Products for Ireland
CP0611IEM086NEST • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
99.90
Year-over-Year Change
1.63%
Date Range
1/1/1999 - 7/1/2025
Summary
The Harmonized Index of Consumer Prices for Pharmaceutical Products in Ireland measures changes in the prices paid by Irish consumers for pharmaceutical goods and services over time. This metric is a key indicator of inflation and consumer spending in the healthcare sector.
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 Harmonized Index of Consumer Prices (HICP) is a standardized measure of inflation across European Union countries. The Pharmaceutical Products index specifically tracks price movements for prescription drugs, over-the-counter medicines, and other pharmaceutical goods and services purchased by Irish households.
Methodology
The data is collected through a nationwide survey of retail prices by Ireland's Central Statistics Office.
Historical Context
Policymakers and analysts use this index to assess the cost of living and inflationary pressures in the Irish healthcare market.
Key Facts
- The base year for this index is 2015.
- Ireland's pharmaceutical HICP reached a high of 105.78 in January 2022.
- Pharmaceutical costs make up around 2% of the total Irish consumer price index.
FAQs
Q: What does this economic trend measure?
A: The Harmonized Index of Consumer Prices for Pharmaceutical Products measures changes in the prices paid by Irish consumers for prescription drugs, over-the-counter medicines, and other pharmaceutical goods and services.
Q: Why is this trend relevant for users or analysts?
A: This index is a key indicator of inflationary pressures and cost-of-living changes in the Irish healthcare sector, which is important for policymakers, consumers, and businesses.
Q: How is this data collected or calculated?
A: The data is collected through a nationwide survey of retail prices by Ireland's Central Statistics Office.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the cost of living and inflationary pressures in the Irish healthcare market, which can inform decisions on healthcare policy, pricing, and consumer welfare.
Q: Are there update delays or limitations?
A: The Pharmaceutical Products HICP for Ireland is published monthly with a lag of approximately one month.
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Citation
U.S. Federal Reserve, Harmonized Index of Consumer Prices: Pharmaceutical Products for Ireland (CP0611IEM086NEST), retrieved from FRED.