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New report shows how much prices in Ireland are rising above the EU average

THE high cost of living in this country has been revealed by new figures showing that prices in this country are the highest in the Union of 27.

Rice here are 40 percent higher than the average in the European Union.

And the gap between what is being collected here and what is being collected on the continent is widening.

Irish people pay far more than the EU average for food, drink, energy, transport, communications and restaurants, according to a new report from Eurostat.

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Healthcare costs here are the highest in the EU.

It comes as prices are skyrocketing at a rate not seen in four decades, putting severe pressure on family budgets.

The new report from the European Statistics Agency shows that overall prices in this country are 40 percent higher than the EU average.

Prices in Ireland, along with Denmark, are the highest in the 27-member European Union.

Ireland has the highest prices for alcohol and tobacco.

This country is the third most expensive for groceries and non-alcoholic beverages, with prices here averaging 19 percent above the EU average.

Healthcare costs are the most expensive in the EU at a staggering 72% above average.

The combined housing costs such as rent, mortgage interest, gas and electricity are again the most expensive at 89 percent above the EU average.

The communication costs here are 46.5 percent above the EU average.

Transport services are 39 percent above the EU average, energy 15 percent above average.

Restaurant and hotel prices are 29.5 percent higher than average.

There have been ongoing allegations of price gouging in the hospitality sector as staff shortages and attempts by the industry to recoup losses during Covid have caused prices to rise, particularly for hotel rooms.

Daragh Cassidy of price comparison site Bonkers.ie said: “No one is under the illusion that Ireland is a cheap place to live. However, the extent of price differences between Ireland and our neighbors is quite shocking.”

He said that the fact that the price gap is widening doesn’t bode well for our competitiveness.

“In 2016, prices in Ireland were 29 percent above the EU average. But that gap has grown every year since.”

He said wages in Ireland were also above the EU average, but by no more than 40 per cent for most people.

“I would urge the Government to consider measures within their control to reduce the impact of high prices and the cost of living in Ireland.

Mr. Cassidy said our VAT rate is among the highest in the world at 23 percent.

Fees for GP visits and hospital stays mean we have the highest healthcare costs in the EU, he said.

“We now have astronomical childcare costs. While government stamp duty leads to higher auto insurance and home insurance.”

He said consumer organizations like the CCPC and regulators like the CRU for energy and ComReg for telecoms need to do a better job and do more on behalf of consumers.

“If they need more powers to enforce laws and lower prices, they should demand it,” Cassidy said.

“I would also like to see a new Ministerial Office for Consumer Affairs created. We rightfully have a big focus on business and business in almost every branch of government in this country. But the same focus is not extended to consumers.”

https://www.independent.ie/business/personal-finance/new-report-reveals-just-how-much-prices-in-ireland-are-soaring-above-eu-average-41774596.html New report shows how much prices in Ireland are rising above the EU average

Fry Electronics Team

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