CSO Reports Higher Dairy Prices in November
Source: DairyNews.today
Consumers faced higher costs for most dairy products in November compared to the same period last year, according to the latest data from Ireland’s Central Statistics Office (CSO).
The national average price for two litres of milk rose by 13 cents to €2.31, while Irish cheddar cheese increased by 23 cents per kilogram to €10.69. Butter prices also edged up by 5 cents per pound, reaching €4.33.
Rising Food Costs Extend Beyond Dairy
Price hikes were observed in other staple goods, including a 3-cent increase for an 800g white sliced loaf, now priced at €1.61. Potatoes climbed by 18 cents for a 2.5kg bag, reaching €3.89.
Meat prices also showed mixed trends. A kilogram of striploin steak rose significantly from €22.12 in November 2023 to €23.40 this year. Lamb prices saw a moderate rise, with a leg of lamb up 14 cents to €14.29 and lamb loin chops increasing nearly €1 to €23.03 per kilogram.
However, some items recorded slight decreases. Sirloin steak dipped from €17.25 to €17.16 per kilogram, while cooked ham dropped from €20.90 to €20.36.
Consumer Price Index Trends
Overall, consumer prices fell marginally by 0.5% between October and November 2024. On an annual basis, the Consumer Price Index (CPI) rose by 1% in the 12 months to November, up from a 0.7% increase recorded in October.
Anthony Dawson, a CSO statistician in the prices division, highlighted notable sector-specific trends:
“The most significant annual increases were observed in restaurants and hotels (+3.8%) and alcoholic beverages and tobacco (+3.5%), driven by higher costs for food and drinks consumed in licensed premises, restaurants, and cafes.”
Meanwhile, declines were most pronounced in clothing and footwear (-7.5%) and transport (-1.6%) compared to November 2023.
Outlook for Consumers
The data underscores ongoing inflationary pressures in essential categories like food, while discretionary spending areas such as clothing continue to see cost relief. Dairy and meat producers, in particular, are likely to monitor consumer spending closely as price increases may affect demand in the months ahead.
Rising Food Costs Extend Beyond Dairy
Price hikes were observed in other staple goods, including a 3-cent increase for an 800g white sliced loaf, now priced at €1.61. Potatoes climbed by 18 cents for a 2.5kg bag, reaching €3.89.
Meat prices also showed mixed trends. A kilogram of striploin steak rose significantly from €22.12 in November 2023 to €23.40 this year. Lamb prices saw a moderate rise, with a leg of lamb up 14 cents to €14.29 and lamb loin chops increasing nearly €1 to €23.03 per kilogram.
However, some items recorded slight decreases. Sirloin steak dipped from €17.25 to €17.16 per kilogram, while cooked ham dropped from €20.90 to €20.36.
Consumer Price Index Trends
Overall, consumer prices fell marginally by 0.5% between October and November 2024. On an annual basis, the Consumer Price Index (CPI) rose by 1% in the 12 months to November, up from a 0.7% increase recorded in October.
Anthony Dawson, a CSO statistician in the prices division, highlighted notable sector-specific trends:
“The most significant annual increases were observed in restaurants and hotels (+3.8%) and alcoholic beverages and tobacco (+3.5%), driven by higher costs for food and drinks consumed in licensed premises, restaurants, and cafes.”
Meanwhile, declines were most pronounced in clothing and footwear (-7.5%) and transport (-1.6%) compared to November 2023.
Outlook for Consumers
The data underscores ongoing inflationary pressures in essential categories like food, while discretionary spending areas such as clothing continue to see cost relief. Dairy and meat producers, in particular, are likely to monitor consumer spending closely as price increases may affect demand in the months ahead.
