Inflation

Inflation Nation – Prices Remain At Near 40-Year High For Second Straight Month

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The price of bread has increased by 15% in the past year amid the ongoing inflationary times with which we live in.

Latest figures from the CSO show overall, inflation went up 9.1% in the year to July, for the second month in a row.

Housing and energy prices jumped by 21.6%, the average cost of food and non-alcoholic drink increased by 7.7% while transport costs were up 19.4%.

The most significant increases in the year to July 2022 were seen in Housing, Water, Electricity, Gas & Other Fuels which was up 21.6%, and Transport, up 19.4%. Increased energy costs are reflected in the yearly increase of Housing, Water, Electricity, Gas & Other Fuels driven by rises in electricity (+40.0%), gas (+56.6%), liquid fuels/home heating oil (+91.9%) and solid fuels (+31.8%) in the year. The annual change in Transport costs reflects a rise in the cost of diesel (+44.8%), petrol (+35.4%), purchase of motor cars (+11.5%) and airfares (+47.8%) compared to July 2021.

Miscellaneous Goods & Services (-1.0%) and Education (-0.7%) were the only divisions to show a decrease when compared with July 2021.”

Commenting on monthly changes shown in the release, Anthony Dawson, Statistician, continued: “Consumer prices in July increased by 0.4% in the month. The divisions with the largest monthly increases were Transport (+1.8%), Food & Non-Alcoholic Beverages (+1.5%) and Restaurants & Hotels (+1.2%). The rise in Transport was due to an increase in air fares (+26.9%) and the purchase of vehicles (+0.7%) compared with June 2022. However, this increase was partially offset by the price of Petrol and Diesel which both fell in the month to July by 3.0% and 1.1% respectively.

The only monthly decrease was seen in Clothing & Footwear (-5.0%) due to sales.

The government is due to announce measures to address the rising inflation in the budget on the 27th of September.

Looking at the National Average Prices of some staple items:

  • The national average price for bread (large (800g) white sliced pan) was up 18 cents in the year to June 2022, while the same size brown sliced pan was up 19 cents in the year.
  • Spaghetti per 500g increased by 21 cents in the year while the average price for 2.5kg of potatoes decreased by 20 cents.
  • Full fat milk per 2 litres increased by 27 cents in the year while the average price of Irish cheddar per kg rose by €1.07 and butter per lb rose by 48 cents.
  • The national average price of a take-home 50cl can of lager at €2.14 was up 26 cents on average from June 2021 while a take-home 50cl can of cider at €2.43 was up 22 cents.
  • In June 2022, the national average price of a pint of stout in licensed premises was €5.13, up 17 cents a pint in the year, while a pint of lager was €5.53, up 22 cents compared with June 2021.”