WE HATE breaking it down for you but 2022 isn’t going to be cheap.
Inflation hit a record 5% last month and experts believe it will remain that high for much of this year – adding pressure on household finances.
Rising energy costs are at the core of the rising cost of living, as is the ongoing Covid-19 pandemic.
And while economists expect it to level off later this year, the cost of living is getting lower across the board, with home prices skyrocketing and new taxes being introduced.
Here, we take a look at why flights, used cars, gasoline, alcohol, dining and of course, houses, will all cost us an arm and a leg in the process. this year.
VEHICLE / DRIVE
Ireland’s used car market is in the grip of a supply crunch due to a shortage of new cars and microchips.
Last fall, how we talked about The Nissan Qashqai has exploded in value since 2020 with the 2015 model soaring from a low of 8,000 euros at last year’s auction to at least 11,000 euros today. Meanwhile in October, DoneDeal reported used car prices are now 50% higher than they were before the pandemic hit in January 2020.
And to make matters worse, motorists in Ireland will be hit with double fines from next month for breaking road laws, it was announced last week. Under the new rules, fines for parking on footpaths, bike paths and bus lanes will double from €40 to €80 next month.
It’s no surprise that gasoline prices won’t drop anytime soon either.
Average fuel prices for gasoline and diesel were at record highs in November and costs remain low as the global energy crisis pushed oil markets to record levels.
FINALLY summer, Ryanair boss Michael O’Leary warned that he was planning to increase the cost of catching flights in 2022.
O’Leary said fares will be more expensive this year due to a 25% decrease in the number of available seats compared to pre-pandemic levels due to reduced airline operations.
In May, he told BBC Breakfast: “I have no doubt prices will go up, especially during the peak of the bank holiday weekend, the holiday travel period.
“We’re going to urge people to book very early because I think there will be fewer seats and the price will be higher.”
With the worst year on record in aviation history, many airlines are likely to follow.
And if you’re looking to travel in the United States, be warned.
Price comparison website Priceline recently found that the average daily cost of hotels rose 18 per cent this time last year, while the average cost of flights rose 32 per cent.
Experts believe this is due to inflation and a 20% drop in global demand for jet fuel, which in turn has pushed up prices.
The new rules mean no more promotional deals can run while some beers have almost doubled in price.
And consumers massively feel pinched.
A can of beer is currently the cheapest at €1.70, while a typical bottle of wine costs no less than €7.40 and a bottle of spirits as little as €20.70.
Those who used to buy beer will notice the biggest increases, with some going from €25 to €45.45 and from €29 to €47.34.
The new rules are part of the Public Health (Alcohol) Act aimed at reducing harm caused by alcohol.
But some experts believe demand for cheap alcohol will simply shift from stores in the Republic to stores in the North – until similar regulations take effect there.
HATE plainly said but housing costs are also likely to go up. Experts at leading real estate agent Sherry Fitzgerald last week warned that house prices could rise as much as 8% in 2022 due to a lack of supply.
It is also the fact that The average home was 10% higher than it was at this time last year.
And a recent report from myhome.ie said ‘there is little sign of conditions easing.’
The same goes for the rental market. Statistics from Daft.ie in November show that the number of homes available for rent across Ireland has fallen to an “all-time low”, which has resulted in more spikes in prices across the country. again.
The amount currently available is almost half of the previous lowest amount, recorded in mid-2019.
The average rent across the country is currently €1,516 per month.
This was a spike of 6.8% and marked the 36th consecutive quarter of higher rents than in the previous 12 months.
RESTAURANTS have been under pressure since the start of the pandemic and the ongoing challenges are not going to go away anytime soon. Early closing times still apply.
Recent Love Irish Food statistics also show that SME food companies in Ireland are being hit by a nearly 30% increase in input costs in areas such as transport, ingredients and energy prices. .
So that means we could see restaurants increase menu prices.
“We’re going to see movement in regards to food price increases in the coming months. That’s certainly the case,” said Kieran Rumley, CEO of Love Irish Food.
IRISH farmers have warned food prices will have to rise this year due to rising food production costs.
The President of the Irish Farmers Association (IFA) Tim Cullinan recently said costs to farmers have been increasing at a double-digit annual rate.
“Food prices will have to go up,” he said. If production costs increase, the cost of feed will surely increase as well.
“Farmers cannot continue to produce food at a loss.”
Late last year, more than two-thirds, or 71% of Irish agri-food companies reported an increase in costs, according to a report by professional services and accounting firm, the International Federation of Accountants.
And the report warns that it could certainly lead to an increase in our grocery bills this year.
https://www.thesun.ie/money/8182350/six-things-more-expensive-2022-exact-sectors/ Six things will be more expensive in 2022 and these are the EXACT areas that are feeling the crisis