Inflation blame game begins

If it feels like you’re paying more for basic stuff, it’s because you are. Inflation is surging at the fastest pace in more than 20 years. The headline 5.5 per cent figure doesn’t quite capture the squeeze on households. Electricity and gas prices are up by 22 and 28 per cent respectively; petrol and diesel by 32 and 36 per cent, air fares by a whopping 66 per cent. According to Bank of America, the average European household faces electricity and gas bills of €1,850 ($2,100) in 2022, up from €1,200 in 2020.

All 15 sectoral divisions that comprise the Central Statistics Office’s Consumer Price Index – everything from food and footwear to hairdressing and phone bills – registered price growth in the past 12 months. Rents and house prices, already a source of great aggravation, are also accelerating in annual terms, at 8.4 per cent and 14 per cent respectively.


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