Restaurant And Hotel Prices Increased Year On Year In February, Notes CSO
Restaurant and hotel prices increased year on year last month, according to data revealed by the Central Statistics Office (CSO) in its Consumer Price Index (CPI) for February 2023.
According to a statement published on CSO.ie, as measured by the CPI, prices, on average, increased by 8.5%, year on year, in February of this year, with the most notable changes being increases in housing, water, electricity, gas & other fuels (+26.0%), food & non-alcoholic beverages (+13.1%), restaurants & hotels (+8.9%), and alcoholic beverages & tobacco (+5.0%), while the most notable month on month price Increases were in clothing & footwear (+5.8%), and recreation & culture (+3.5%).
According to the statement published on CSO.ie, the divisions that caused the largest upward contribution to the CPI in the year were housing, water, electricity, gas & other fuels (+4.31%), food & non-alcoholic beverages (+1.47 %), restaurants & hotels (+1.36%) and transport (+0.44%).
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According to the CSO statement, housing, water, electricity, and gas & other fuels rose primarily as a result of a rise in the cost of electricity, gas, liquid fuels (home-heating oil), solid fuels, and higher rents and mortgage interest repayments. Food & non-alcoholic beverages increased as a result of higher prices across a range of products, including meat, bread and cereals, milk, cheese and eggs, vegetables, and mineral waters, soft drinks, fruit & vegetable juices. Restaurants & hotels increased annually, primarily as a result of higher prices for alcoholic drinks and food consumed in hospitality venues, and an increase in the cost of hotel accommodation. Transport increased, mainly as a result of price increases for motor cars, diesel, airfares, and the maintenance and repair of personal transport equipment, with this rise being partially offset by lower passenger transport by bus and coach and petrol prices.
Additionally, according to the statement published on CSO.ie, the divisions that caused the largest upward contribution to the CPI in the month were restaurants & hotels (+0.32%), transport (+0.30%), clothing & footwear (+0.28% ), and recreation & culture (+0.24%). Restaurants & Hotels increased as a result of higher alcoholic drinks and food prices in hospitality venues and a rise in hotel accommodation cost. Transport rose mainly as a result of to higher airfare, petrol and Motor cars prices, with this rise being partially offset by lower diesel prices. Clothing & footwear increased as a result of a recovery from sales. Recreation & culture rose mainly as a result of to higher prices for recreational & sporting services participation prices and a rise in package holiday costs.
Read more: Restaurant And Hotel Prices Increased Year On Year In January, Notes CSO
© 2023 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.