#COST OF LIVING INCREASE 2021 DRIVERS#
#COST OF LIVING INCREASE 2021 FREE#

So why is it happening? Well, it’s not just an Irish problem. “We know price increases are never welcome news for our customers and we will continue to monitor the situation closely with a commitment to reducing our prices as soon as it is possible to do so.”Ĭompanies such as Pinergy, Panda Power, Energia, Prepay Power and Flogas have also hiked prices in recent times. She said: “We made every effort to delay this announcement as long as we could but unfortunately, as we have seen with other suppliers, sustained increases in wholesale energy costs are driving consumer prices upward. SSE Airtricity’s managing director Klair Neenan said the decision had not been taken lightly. These increases will see households paying around €300 extra a year for their electricity and €200 more for their gas. Similarly, SSE Airtricity announced its second price rise in the space of a few months last week, affecting over 250,000 customers.

#COST OF LIVING INCREASE 2021 DRIVERS#

Again, it was the second in the space of a few months and will add several hundred euro onto the cost of consumers energy bills this year.ĭarragh Cassidy of Bonkers.ie believes Covid-19 is one of the drivers behind the recent price hikes, creating supply chain bottlenecks at times of high demand. With the two hikes combined, households would be paying over €200 more for their electricity and €120 for their gas according to analysis from Bonkers.ie.īord Gáis Energy also upped its prices last month by 10% for electricity and 12% for gas. The last time Electric Ireland increased its prices was August. Electricity rose 9.3% and gas rose by 7% from 1 November from this supplier. Over 1.1 million customers will have been affected by the price rise implemented by Electric Ireland this week. Let’s take just a few examples of recent price rises. So, have our wallets taken a hit in recent months? And where could it be going?

#COST OF LIVING INCREASE 2021 FREE#

The Free Legal Advice Centres (Flac) also warned this week that some households will have suffered a great deal more than others during the pandemic, and that the spike in energy and other costs of living heading into the winter months “may leave many consumers vulnerable”. While total gross disposable income grew by €9.3 billion in 2020, this was “unevenly distributed” according to the CSO, with many feeling the pressures of the pandemic and the now-rising costs of energy very differently. Irish households saved €31 billion last year, as we spent less and saved more during the various lockdowns. Clothing and footwear has actually fallen by 3.2%.īut with costs for various essentials rising hundreds of euro, it does contrast sharply with reports this week that - while we’re paying more for these things - household savings have boomed during the pandemic. Price inflation reaches 10.9% for residential property (August) and 3.7% for consumer goods & services (September) #CSOIreland #Ireland #CPI #ConsumerPrices #PropertyPrices #HousePrices #Inflation #Deflation #Prices #BusinessNews #IrishBusiness /dsYxLYW7Mw- Central Statistics Office Ireland October 14, 2021Īnd not everything is rising - or rising sharply. This may be an early sign that potential solutions such as the reduction in awards for damages are having an effect, although this is disputed by businesses.

Mercifully, given the ballooning costs of insurance over the last decade, the cost of motor insurance has actually fallen 8.4% in the past year, according to CSO figures. The cost of accommodation services such as hotels has also risen by 9.7%. In terms of transport, the cost of petrol and diesel has also risen by around 15% in the past year. Electricity went up 20.5%, gas rose 14.2% and liquid fuels such as home heating oil rose by 45.7%.

Cost of living increase 2021