Consumers are facing cost hikes in petrol, diesel, alcohol, streaming services, and transport services in the coming months, which will put further pressure on hard-pressed households, according to price comparison website Bonkers.ie.
Meanwhile, residential gas and electricity prices in Ireland remain at record highs with only a small reprieve likely over the coming months while there are renewed concerns over food prices.
The restoration of excise duty on petrol and diesel in September and October will add 15 cent to a litre of petrol and 11 cent to a litre of diesel.
There will also be a €7.50 increase in the carbon tax in the October budget which will add around another 2 cent to a litre of petrol and diesel. This will add around €150 to €200 a year to the average driver’s fuel costs in total.
The carbon tax increase will also add around €17 to the average annual gas bill and around €19 to the fill of a 900-litre oil tank.
This means households will soon be paying around €130 in total in carbon tax on their gas costs and around €142 in total for their oil, according to analysis by Bonkers.ie.
Drinks giant Diego has announced another 4 cent increase in the price of Guinness as well as its other brands like Carlsberg and Smithwick’s. That comes on the back of a 12 cent hike in February.
Food inflation is still running at over 10 per cent a year having hit a high of over 13 per cent a few months ago, while prices are still rising month on month.
However, Russia’s recent decision not to extend the Ukraine grain deal has stoked worries about global food supply chains and prices once again.
Prices for grains and oilseeds have already risen in response to the news that Russia will suspend its participation in the deal. This will likely lead to higher prices for staple items such as bread, cereals and pasta over the coming months.
Bonkers.ie spokesman Daragh Cassidy said: “Although the general rate of inflation is expected to fall over the coming months this doesn’t mean prices will necessarily drop. It just means prices are increasing at a slower pace.
“This is a key point a lot of people don’t get. Unless we see outright deflation, things aren’t getting any cheaper.”
