The cost of living in Ireland is reaching new heights, with no signs of slowing down as the public awaits action by the government to curb expenses.
In the year to July, it was confirmed that electricity had risen by 40%, gas was up 56%, and home heating oil had risen an incredible 92% - all of which are continuing to increase.
While prices reach new heights, energy companies continue to announce hikes in their charges as the winter months approach.
READ MORE: Irish households could be in for two cash boosts to help with rising energy costs
Although supports are due to be put in place as part of Budget 2023 - in the form of two credit boosts - many families will still be left struggling to make it to the end of the month on their salaries.
Petrol and diesel were also noted as increasing by 35% and 44% respectively, according to CSO statistics, and continue to remain high as a result of the Russian invasion of Ukraine.
The public is paying 8% more for food but some items are much dearer, milk was up 21% in July and bread was up 14% and it’s not just groceries that will continue to rise, restaurants will also have to hike their prices over the coming months to offset the rising energy and food costs.
Worryingly, the last CSO figures on food price increases showed a 1.7% jump from June to July with no hope of slowing down just yet.
Another area where consumers are going to see price hikes is on international travel, as was recently confirmed by Ryanair CEO, Micheal O’Leary.
He claimed the continuing travel boom will be badly hit by the widely anticipated recession and said he believed that a number of airlines would struggle to survive with this added to the rising cost of fuel and energy.
He went on to warn: “A recession will significantly dampen the overall traffic recovery post-Covid. A lot of capacity is not coming back. Wizz Air is reducing winter capacity by 25 percent.
“A recession will take out more of the competition. It’s inevitable that fares will go up. High oil prices mean they have to go up. There will be pressure on airfares into summer 2023.
“The energy crisis will affect the whole of Europe this winter. Where does inflation finish up? It depends how deep and dark the recession is and where the oil price settles."
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