Rising prices are overtaking housing and health as the biggest concerns

The Irish are more concerned about rising living, housing and healthcare costs than most of their European counterparts.

A large majority (65 percent) of Irish people say price increases are the biggest problem for the country, compared with an average of 54 percent across the bloc.

Housing was the second most common concern for Irish people (cited by 48 per cent of respondents), with healthcare being the third most frequently mentioned issue (by 23 per cent).

Only the Czechs, Lithuanians and Slovaks cited inflation as their top concern more often than the Irish.

Inflation in the three countries is well into the double digits. In Lithuania, August prices rose by more than 21 percent year-on-year. Inflation in Ireland slowed to 8.9 percent in August, according to Eurostat.

Luxembourg is the only EU country where a higher proportion of people named housing as a key issue (51 percent).

Property prices in Luxembourg have more than doubled (up 131%) over the past decade – the third-highest rate in the EU – although rents have risen more slowly (17%).

In Ireland, rents have risen by 77 percent since 2010, according to Eurostat – also the third highest rate in the EU after Estonia and Lithuania – while house prices have risen by just over 50 percent.

Average rents in Ireland rose 12.6 percent year-on-year in the second quarter of this year, according to property website Daft.ie.

Figures from the Central Statistics Office show that house prices have skyrocketed 14.1 percent in the year to June, similar to the peak of the Celtic Tiger housing bubble in 2007.

Banks expect property prices to continue to rise above Celtic Tiger levels in the coming months on strong demand, particularly from first-time buyers.

The Banking and Payments Federation Ireland said this week that a lack of supply – and not growth in mortgage lending as was the case in 2007 – is behind the rise.

The Eurobarometer survey found that almost half (47%) of Irish people believe that price increases are also the most important issue for the EU.

It’s the highest proportion of people in the EU and compared to an average of 34 percent across the bloc.

Energy supply is the second most important issue for the EU according to 33% of Irish people, above the EU average of 28%.

The survey shows that the Irish see the EU most positively at 70 percent in the 27-member Union. The average across the block was 47 percent.

The Irish are also the most optimistic about the future of the EU and 90 percent are “for” the single monetary union, the second highest proportion after Luxembourg.

However, people here are much more pessimistic about the state of the European and Irish economies than last winter, with confidence falling 13 and 16 points respectively.

The survey was conducted between June 17 and July 17, 2022 and surveyed at least 1,000 people in each of the 39 countries in Europe and the UK.

https://www.independent.ie/business/irish/rising-prices-overtake-housing-and-health-as-biggest-worry-41965337.html Rising prices are overtaking housing and health as the biggest concerns

Fry Electronics Team

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