Inflation has hit Irish wallets — but wage rises help us stay ahead

The CSO's 'harmonised index of consumer prices' is a crucial measure of spending power 

Irish families are still juggling elevated prices of everything from energy to groceries in the wake of the cost-of-living crisis. Picture: iStock 

With most people preoccupied with post-Christmas returns to school and work last Tuesday, few batted an eye at an announcement by the Central Statistics Office (CSO) that morning on the latest estimate for something called the Harmonised Index of Consumer Prices, or HICP.

While hardly a staple of the everyday vernacular, it is a relatively new economic signature that acts as another yardstick for measuring the cost of groceries in your shopping basket.