The following is a summary of the June 2023 Eurostat report on the cost of living crisis in Ireland which will be useful in an exam question on inflation:
- Ireland is the most expensive country in the EU for consumer goods and services.
- Prices in Ireland were 46% above the EU average in 2022, and the gap is widening.
- The price of alcohol and tobacco in Ireland is more than double the EU average.
- The price of housing is also significantly higher in Ireland than in other EU countries.
- The cost of living crisis is putting a strain on household budgets in Ireland.
- Many people are struggling to afford basic necessities, such as food, rent, and energy bills.
- The government has taken some steps to address the cost of living crisis, but more needs to be done. These measures include increasing the minimum wage and providing tax breaks for low-income earners.
Additional details from the report:
- The price of food in Ireland was 27% above the EU average in 2022.
- The price of energy in Ireland was 38% above the EU average in 2022.
- The price of transport in Ireland was 29% above the EU average in 2022.
- The price of communications in Ireland was 56% above the EU average in 2022.
The Eurostat report is a stark reminder of the challenges facing households in Ireland. The cost of living is rising at a rapid pace, and many people are struggling to make ends meet. The government needs to take further action to address this crisis, or it will have a serious impact on the well-being of many people.