Inflation is at a 40-year high and there are few signs of abating

The rate at which prices are rising has hit a four-decade high and there are few signs of inflation easing.

Rice rose 7.8 percent in the year to May, the largest increase in nearly 38 years, according to the Central Statistics Office (CSO).

The price increases blow up household coffers.

Consumer price hikes rose 7 percent in April.

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1984 was the last time prices increased at the rate they are currently increasing.

Electricity prices rose 41 percent last year, with domestic heating oil doubling, up 102.5 percent on the year.

Diesel prices have skyrocketed 42 percent as pump prices rise almost daily.

Gasoline costs have increased by 26 percent in the past year.

Other large cost increases were seen for air fares, which rose 45 percent, with the cost of buying a car rising 13 percent.

Prices continue to skyrocket.

Grocery and non-alcoholic beverages rose on higher prices for a range of products including meat, bread and cereals, as well as milk, cheese and eggs.

Food prices have increased by 4.5 percent in the year.

Residential rental inflation hit 11.2 percent last month and shows little sign of easing.

In May, electricity prices rose by 10 percent compared to the previous month.

Heating oil rose 13 percent for the month, while gas prices rose 7 percent over the same period.

CSO statistician Colin Cotter said the agency recorded diesel prices of €1.89 per liter in April.

This is up 54.1 cents over the past year.

Fuel price increases have continued this month.

Gasoline was quoted by the CSO at €1.81, up 34.9 cents a liter over the past year.

The national median price of bread in a large white disc pan rose 12.4 cents in the year to April.

The same-sized brown disc pan rose 17.4 cents over the year.

Spaghetti per 500g rose 19.3 cents a year, while the average price for 2.5kg of potatoes fell 28.5 cents.

The national average price for a 50cl can of lager to take away was €2.16, an average of 27.9 cents higher than in April last year.

A 50cl can of cider to take away for €2.36 rose by 14.1 cents.

In April, the national average price of a pint of stout in taprooms was €5.12, while a pint of lager was €5.50.

As pubs were closed for the April 2021 CPI collection period, year-on-year comparisons for the price of a pint are not available, Mr Cotter said.

Meanwhile, in a separate release, the CSO said households are saving a total of almost €1 for every €4 they spent in the first three months of the year.

Many households will not have been able to save, but those with excess funds appear to be making renewed efforts to set money aside to cope with rising prices.

CSO statistician Peter Culhane said households saved an average of 19 percent of their total income in the first quarter.

Part of this involves paying off debt.

“At 19 percent, household saving in early 2022 was higher than the previous two quarters and almost double the pre-Covid average,” he said

He said we’re seeing a steady increase in incomes, which are now well above pre-pandemic levels, as more people work and the average wage rises.

No increase in spending has matched that despite high inflation, he said. Inflation is at a 40-year high and there are few signs of abating

Fry Electronics Team

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