Consumer Price Index: Clothing and Footwear (COICOP 03): Total for Ireland
IRLCP030000GPM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.54
Year-over-Year Change
-71.54%
Date Range
12/1/1982 - 11/1/2023
Summary
The Consumer Price Index for Clothing and Footwear in Ireland measures changes in the retail prices of a basket of clothing and footwear items. It is a key indicator of inflationary pressures and consumer spending in the Irish economy.
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 Clothing and Footwear CPI is a subcomponent of the overall Consumer Price Index, which tracks changes in the cost of a representative basket of consumer goods and services. It is used by policymakers, economists, and businesses to understand trends in consumer demand and price levels.
Methodology
The data is collected through regular price surveys of a sample of retail outlets across Ireland.
Historical Context
The Clothing and Footwear CPI is monitored closely by the Central Bank of Ireland and other institutions to assess domestic economic conditions and inflationary risks.
Key Facts
- The Clothing and Footwear CPI has a weight of around 5% in the overall Irish CPI basket.
- Prices for clothing and footwear tend to exhibit seasonal patterns due to sales and new product launches.
- Ireland's Clothing and Footwear CPI reached a record high in 2022 amid rising global supply chain costs.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index for Clothing and Footwear in Ireland tracks changes in the retail prices of a basket of clothing and footwear items.
Q: Why is this trend relevant for users or analysts?
A: The Clothing and Footwear CPI is a key indicator of inflationary pressures and consumer spending in the Irish economy, used by policymakers, economists, and businesses.
Q: How is this data collected or calculated?
A: The data is collected through regular price surveys of a sample of retail outlets across Ireland.
Q: How is this trend used in economic policy?
A: The Clothing and Footwear CPI is monitored closely by the Central Bank of Ireland and other institutions to assess domestic economic conditions and inflationary risks.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis with minimal delays, providing timely insights into consumer price trends.
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Citation
U.S. Federal Reserve, Consumer Price Index: Clothing and Footwear (COICOP 03): Total for Ireland (IRLCP030000GPM), retrieved from FRED.