The only way is up.
The latest Consumer Price Index (CPI) is out, and it makes for grim reading.
Prices in Ireland rose by 7.8% in the year leading up to May of 2022, representing the largest such increase on record in almost 38 years as the cost of living crisis continues to spiral.
In contrast, annual inflation in the third quarter of 1984 was 7.9%.
According to the
Central Statistics Office (CSO), the areas with the largest reported increases in the year to May 2022 were housing, water, electricity, gas and other fuels, and transport.
Miscellaneous goods and services, and education were the only divisions to show a decrease when compared with data from 24 months prior. Consumer prices rose by 0.9% alone between April and May of 2022.
In this month-long timespan, housing, water, electricity, gas and other fuels rose by 3.7%, alcoholic beverages and tobacco increased by 2%, clothing and footwear rose by 1.7%, and restaurants and hotels rose by 1.1%. The largest decrease in the month was transport, dropping by 1.7%.
"Prices have been rising on an annual basis since April 2021, with an annual inflation of 5.0% or more recorded each month since October 2021," noted CSO Prices Division statistician Colin Cotter upon publication of the report.
The percentage breakdown of price increases in the year to May 2022 is as follows:
- Liquid Fuels / Home Heating Oil (+102.5%)
- Gas (+57.1%)
- Electricity (+40.9%)
- Airfares (+45.4%)
- Diesel (+41.6%)
- Petrol (+25.9%)
- Solid Fuels (+25.9%)
- Purchase of Motor Cars (+13.2%)
And in terms of notable decreases:
- Miscellaneous Goods & Services (-1.8%)
- Education (-0.8%)
Staple items highlighted by the CSO include:
- The national average price for bread (large (800g) white sliced pan) was up 12.4 cent in the year to April 2022, while the same size brown sliced pan was up 17.4 cent in the year.
- Spaghetti per 500g increased by 19.3 cent in the year while the average price for 2.5kg of potatoes decreased by 28.5 cent.
- The national average price of a take-home 50cl can of lager at €2.16 was up 27.9 cent on average from April 2021 while a take-home 50cl can of cider at €2.36 was up 14.1 cent.
- In April 2022, the national average price of a pint of stout in licensed premises was €5.12 while a pint of lager was €5.50. As pubs were closed for the CPI collection period in April 2021, annual comparisons for the price of a pint are unavailable.
