Electric Ireland announces major price hike as overall inflation trend continues 8 months ago

Electric Ireland announces major price hike as overall inflation trend continues

The only way is up.

Inflation continues to spiral across Ireland as another major energy provider announces a notable increase in prices.

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Following price hike announcements from Bord Gáis and Energia in recent weeks, Electric Ireland has joined the fray.

The average Electric Ireland electricity bill will rise by 23.4%, or €24.80 per month.

The average gas bill via Electric Ireland is set to rise by 24.8%, or €18.35 per month.

A spokesperson for the company noted that while this is "unwelcome" news, "international gas prices are beyond our control and have a huge impact on costs".

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The increases will take effect from the first of May.

In contrast, Bord Gáis will increase its average electricity bill by 27% and its average gas bill by 39%, with the changes set to take effect from 15 April.

Energia, meanwhile, will raise bills for both electricity and gas customers by 15% on average from 25 April onwards.

Speaking on Tuesday morning, Minister for Expenditure and Public Reform Michael McGrath warned that market volatility, uncertainly and general price hikes are "here to stay" for the foreseeable future.

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"We are in a period of incredible uncertainty," McGrath told RTÉ News on Tuesday morning.

"We have seen major increases in fuel prices in recent times. We know that is hurting consumers and businesses as well. That's why we've made decisions outside of a budgetary framework that we would, in normal circumstances, never countenance.

"So, I think volatility is here to stay for the foreseeable future," the Minister continued.

"It is quite possible that there will be further increases.

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"We can't predict with any certainty the direction of travel, but we do believe uncertainty and volatility is here for a while yet and that could lead to further increases in the costs that people are facing."