Cost of living crisis: Inflation hits highest level since 1984

Prices have skyrocketed at the fastest rate in almost four decades, putting pressure on household budgets.

The consumer price index rose 9.1 percent in the year to June, the Central Statistics Office (CSO) said.

This is up from a 7.8 percent annual increase in the year through May.

The monthly increase in consumer prices was 1.3 percent between May and June.

Statisticians say prices have risen at their fastest annual rate since 1984.

Households are under severe pressure as prices have risen annually since April last year.

This has resulted in annual inflation of 5 percent or more being recorded every month since October 2021.

Energy and fuel costs continue to rise.

Last year, electricity prices rose 41 percent, while gas prices rose over 57 percent.

Heating oil more than doubled last year, by 115 percent last year.

The cost of driving has also risen sharply. Gasoline prices are up 44 percent, with diesel prices at the pump up 51 percent.

Airfares have risen an average of 38.4 percent since June last year.

CSO statistician Anthony Dawson said a price breakdown shows that diesel cost €1.93 a liter in May this year, up 56.5 cents a liter from May last year.

Petrol cost €1.86 a liter and rose 38.3 cents a liter between May this year and the same month last year.

The nationwide average price of bread, a large 800g pan with white slices, rose 13.9 cents in the year to May.

The same-sized brown sliced ​​pan rose 16.1 cents this year.

Spaghetti per 500g rose 18.3 cents year-on-year, while the average price for 2.5kg of potatoes fell 19.3 cents.

The national average price for a 50cl can of lager to take away was €2.16, an average of 26 cents higher than in May last year

A 50cl can of cider to take away for €2.44 was up 26.3 cents this year.

In May, the national average price for a pint of stout in tap shops was €5.13.

A pint of lager was €5.52. With pubs closed for the May 2021 CPI collection period, year-on-year comparisons are not available for the price of a pint, Mr Dawson said.

Barry Cahill, Director of Taxback.com said: “Today’s report paints a solid picture of the financial burden currently weighing heavily on Irish households.

“People are facing the impact of inflation on the daily cost of living and uncertain how much more they can endure.”

He said when his company asked its taxpayer database about it, it found that nine out of 10 people reported feeling the effects of rising fuel costs for home and transportation since the beginning of the year.

And eight in 10 people said they felt their alcohol, tobacco and grocery bills increase.

https://www.independent.ie/business/personal-finance/cost-of-living-crisis-inflation-hits-highest-level-since-1984-41839505.html Cost of living crisis: Inflation hits highest level since 1984

Fry Electronics Team

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