Cost of Living Crisis Hits Household Budgets Hard as Prices Soar Across Housing, Food, Energy

Cost of living crisis started around September 2021, marked by inflation hitting 10-year high of 2.8%. Prices have continued climbing across sectors like housing, food, energy.
Mortgage rates increased significantly, adding thousands to repayment costs. Rents also climbed by ~9% nationally and ~8% in Dublin.
Grocery inflation hit 13% in August 2022 compared to 2021. Households likely to spend €1,000 more on food this year.
Energy bills more than doubled for households from 2020 to 2022. Even with price cuts, households still worse off by €1,200+ per year.
When all costs tallied, households worse off by estimated €7,500 in 2022 compared to 2021. Financial pain will continue as prices unlikely to fall to pre-crisis levels.

irishtimes.com

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Posted 9/11/2023, 6:35:10 AM