Consumer Price Index: OECD Groups: Services: Total for Ireland
IRLCPGRSE01GPQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.93
Year-over-Year Change
-489.24%
Date Range
4/1/1983 - 7/1/2023
Summary
The Consumer Price Index (CPI) for Services in Ireland measures changes in the prices paid by consumers for a basket of services. It is a key indicator of inflation and price stability 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 CPI for Services in Ireland tracks the prices of a representative selection of consumer services, including housing, transportation, recreation, and other expenditures. It is a widely-used metric for assessing the purchasing power of Irish consumers and informing economic policymaking.
Methodology
The data is collected through surveys of Irish households and businesses and calculated as a weighted average of price changes.
Historical Context
The CPI for Services is closely monitored by the European Central Bank and Irish government to guide fiscal and monetary policies.
Key Facts
- The base year for the Ireland CPI for Services is 2015.
- Services make up over 50% of the total CPI basket in Ireland.
- Inflation in Irish services has remained relatively stable in recent years.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index for Services in Ireland measures the change in prices paid by consumers for a basket of consumer services over time.
Q: Why is this trend relevant for users or analysts?
A: The CPI for Services is a key indicator of inflationary pressures and consumer purchasing power in the Irish economy, informing economic policymaking.
Q: How is this data collected or calculated?
A: The data is collected through household and business surveys and calculated as a weighted average of price changes.
Q: How is this trend used in economic policy?
A: The CPI for Services is closely monitored by the European Central Bank and Irish government to guide fiscal and monetary policies.
Q: Are there update delays or limitations?
A: The CPI for Services data is published on a monthly basis with minimal delays.
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Citation
U.S. Federal Reserve, Consumer Price Index: OECD Groups: Services: Total for Ireland (IRLCPGRSE01GPQ), retrieved from FRED.