The rate of inflation in Ireland has hit a 38-year high as the price of bread and pasta soar.
There are many indicators that a global recession is on the way, such as the European Central Bank raising their interest rates for the first time in 11 years amid runaway global inflation. And Finance guru Eddie Hobbs previously warned a slump would hit in Autum, saying: “We will likely be in recession by early Autumn, but definitely by Winter. All the signs are there."
The Central Statistics Office's latest Consumer Price Index shows inflation is at 9.1% to the year ending June 2022 - the highest rate of annual inflation since 1984. The average cost of a 800g pan of sliced white bread was up 13.9 cent to the year ending May 2022 while the brown sliced pan was up 16.1 cents in the same year. A 500g packet of spaghetti shot up by 18.3 cent.
Read more: Recession Ireland: Majority of public believe we are heading for recession - poll
Meanwhile, a 2.5kb bag of potatoes decreased by 19.3 cent. Housing, water, electricity and gas saw the biggest annual increase of 22.5%. Transport shot up by 20.4%.
Anthony Dawson ,Statistician with the CSO in the prices division said diesel and petrol also massive jumps. He said: “National Average Prices for selected CPI goods and services for May 2022 were also made available today by the CSO and show that diesel at €1.93 per litre and petrol at €1.86 per litre were up by 56.5c per litre (+41.4%) and 38.3cper litre (+26.0%) respectively between May 2021 and May 2022.”
Mr Dawson added: “The national average price of a take-home 50cl can of lager at €2.16 was up 26c on average from May 2021 while a take-home 50cl can of cider at €2.44 was up 26.3c. In May 2022, the national average price of a pint of stout in licensed premises was €5.13 while a pint of lager was €5.52. As pubs were closed for the CPI collection period in May 2021, annual comparisons for the price of a pint are unavailable.”
Read next:
Dublin jobs: South Dublin County Council are hiring a plumber and painter with salary revealed
Cost-of-living Ireland: Leo Varadkar warns crisis could go on for 'years'
Ireland has second highest food prices in Eurozone, new figures show
Top economist's ominous warning as he predicts 'serious food shocks'
Compulsory mask wearing may return later this year as 'precautionary move'
Sign up to the Dublin Live Newsletter to get all the latest Dublin news straight to your inbox
