Gin has been added to Ireland’s recently updated ‘Product Basket’, a representative selection of products that reflects the spending patterns of the average consumer. (Photo: Glendalough Distillery)
With the recent revision of Ireland’s Consumer Price Index (CPI), the Central Statistics Office (CSO) has updated its basket of goods and services for the first time in eight years. Aiming to better align with evolving consumer spending patterns, notable additions include disposable e-cigs, ribeye steaks and gin to the basket.
As reported by The Irish Examiner, the CSO has also introduced products such as milk and meat substitutes, smart watches, green onions, non-alcoholic beer and wireless headphones to support healthier lifestyle choices and technology integration. It shows the transition of
“Basket of goods” also known as market basket or product bundle, is a representative selection of major items that reflect the spending patterns of the average consumer, including food, beverages, housing, transportation, clothing, and more. CPI is calculated by regularly tracking and comparing the prices of these items, which provides insight into changes in overall price levels. The CPI is an important tool for assessing inflation, helping policymakers and the public understand how the cost of living changes over time.
Ireland’s revised CPI, with a base period of 100 for December 2023, recorded an annual inflation rate of 4.1% in January, down slightly from 4.6% in the previous 12 months, the report said. Core inflation, which excludes items prone to large price fluctuations, rose 5.3% over the same period.
According to the news outlet, recreation and culture saw the most significant price increases, jumping 9.3% over the past year. Statistician Anthony Dawson said the increase was due to rising prices for travel packages, which have soared by nearly 42%. According to analysis by The Irish Examiner, consumer prices fell by 1.3% between December 2023 and January 2024. The only exceptions were alcoholic beverages and tobacco, which rose 2.4%.
The inclusion of gin in Ireland’s product basket reflects the spirit’s growing global popularity. Recently, Japanese beer and spirits giant Kirin Holdings entered the booming craft gin market, stating that global gin sales will increase significantly by 40% from 2018 to 2022. In response to this upward trend, Kirin plans to export Yatsuboshi Japanese Craft Gin to Japan. Major markets include Singapore, Malaysia, South Korea, and Australia.
At the same time, Shedd Distillery successfully penetrated the expanding Chinese market with Drumshanbo Gunpowder Irish Gin. This strategic move is in line with a broader trend in Irish gin exports to China, which has soared by nearly 200% over the past five years.
Meanwhile, recognizing the economic importance of gin to Scotland, one distillery is calling for the spirit to be given the same protected status as whisky. The call also comes in line with combined sales of gin and whiskey reaching £9.4bn in 2023, reflecting 13% growth.
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