Business

Cost of goods increased by 5% compared to last year

IRELAND is on track to become a detached republic – with prices up more than 5% in the last year.

New CSO figures show that average prices, as measured by the Consumer Price Index, were 5.3% higher in November than in November 2020.

Transport costs rose 16%, new CSO figures show

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Transport costs rose 16%, new CSO figures showCredit: Alamy
Labor Leader Alan Kelly says it's hard for ordinary workers to stay alive

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Labor Leader Alan Kelly says it’s hard for ordinary workers to stay aliveCredit: Getty Images – Getty

This is the largest annual change in price since June 2001.

Transportation costs increased the most, with a 16.2% increase recorded, while Housing, Water, Electricity, Gas and Other Fuels all increased 12%.

Dining and hotels increased by 3.9%, alcohol and tobacco by 3.4%.

Consumer prices in November, as measured by the CPI, have risen 0.6 percent over the past month. This is the thirteenth consecutive month of monthly inflation.

Labor leader Alan Kelly said an urgent rethink is needed as inflation has outpaced wage growth.

Tipperary North TD said: “Cost of living has been a dominant issue since Dáil’s return and I have flagged electricity and gas costs multiple times.

‘Wasted OPPORTUNITY’

“However, this government has yet to take a step to help those who are feeling it in their pocket. This year’s budget should have been a turning point, but instead it was another wasted opportunity.

“Prices are rising faster than incomes so people will have less to spend on daily necessities. Electricity and gas suppliers have already implemented multiple price hikes that will cost households more than 400 euros next year with higher bills.

“The pandemic has shown what can be achieved when we mobilize the state. We now know what the State can do when we really have to. To address the exorbitant cost of living, we need to see government seriously consider how public services are being delivered.

“Transport has grown 16.2% with commuters paying a heavy price. Real action needs to be taken by the government to tackle this – including the introduction of a heavily trumpeted youth travel card we haven’t heard of since the confetti budget in October. “.

HARDEST WORKERS

Mr. Kelly said that low-paid workers are feeling the brunt of inflation – with rent and transportation making it nearly impossible for them to keep themselves on the water.

“Low-wage and minimum-wage workers have been greatly affected, and the government has barely acknowledged the crisis they face,” he said.

“A living wage of €12.90 is even further away for too many people. Today, all employers must reflect on whether they are paying their workers a living income so they can live in this economy.

“It’s important that anyone who works, can work with the understanding that they can have the budget to pay rent, heat their home and pay for groceries. Unfortunately, we know that too many people are skipping.

“In a just society, everyone who works can earn a living and has some savings left over. This is not the Ireland we have right now. We need the State to act to tackle the growing cost of living.”

Yesterday, we revealed how people are spending more on Christmas this year than they did last year, and the money-saving expert Paul Merriman shared his tips for reducing spending.

https://www.thesun.ie/money/8045953/cso-inflation-housing-transport-expensive-alan-kelly-cost-living/ Cost of goods increased by 5% compared to last year

Fry Electronics Team

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