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CRISIS: €1700 now average annual electric bill, Gas €1,400. 

The alarming rise in the cost of living continues as new figures show that the cost of housing, water, electricity and natural gas has risen by 17.4% since the start of the year, while the Central Statistics Office (CSO) also says the cost of transport also up by a whopping 18.7% since January.

The CSO previously confirmed that the consumer price index – the overall change in the prices of goods and services – has soared as inflation pushed an overall price rise of 6.7pc this year so far.

Energy costs, which also push up production and transport costs, were already rising and the situation has been exacerbated by the war in Ukraine. It is the biggest jump in consumer prices in more than twenty years.

While it was reported last week that the price of a pint in Dublin’s Temple Bar has now soared to almost €9 in some pubs, the cost of turning on the lights and buying food is leading to mounting public concern.

It has been noted that the minimum pricing measures introduced by the government for alcohol, probably accounted for much of the 7% increase in alcoholic beverages and tobacco recorded by the CSO from the start of the year.

One price comparison website, bonkers.ie <http://bonkers.ie> , has estimated that the average yearly electricity bill is now close to €1,700 per year and gas costs €1,400 per year.

With the price rises across all the energy suppliers, and Irish sources of energy such as peat-burning plants, closed in the rush to conform to EU green energy targets, it doesn’t look as if there is any relief for hard-pressed Irish customers anytime soon.

The crisis may affect the housing market, even as rent continues to outpace rising house prices.

A new survey from MyHome.ie suggests that prospective homebuyers’ ability to buy may be hampered by the rise in the cost of living.

“The rise in the cost of living has been significant and is a source of worry for all people,” said Joanne Geary, managing director of MyHome.ie.

“Our recent Property Price Report for Q1 2022 predicted building material inflation of 18% next year, which would most likely serve to put a brake on soaring market demand,” Ms Geary said.

“This could be viewed as a positive result for the market, as we need to see demand easing in order to redress the imbalance between that demand and our chronic lack of supply.”

 

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