The cost of living has increased the most in 38 years: CSO

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Inflation rose 7.8% in the twelve months to May, the biggest increase in 38 years.

Figures from the Central Statistics Office (CSO) showed that prices of consumer goods and services in May 2022 rose by 7.8% on average compared to May 2021

Colin Cotter, statistician in the Prices Division, said: “Prices have been rising on an annual basis since April 2021, with annual inflation of 5.0% or more recorded every month since October 2021.

The annual increase in the CPI through May 2022 is the largest seen in nearly 38 years, when annual inflation stood at 7.9% in the third quarter of 1984.

The CSO reported that electricity costs increased by 40.9%, gas by 57.1%, liquid fuels/heating oil by 102.5% and solid fuels by 25.9%.

Regarding the national average price of commodities, the CSO reported that the average price of bread (white large slice pan (800g)) increased by 12.4 cents, while the brown slice pan by same size had increased by 17.4 cents during the year.

Spaghetti per 500g rose 19.3 cents over the year while the average price of 2.5 kg potatoes fell 28.5 cents

The national average price of a 50 cl can of lager to take away at €2.16 increased by 27.9 cents on average, while a can of cider to take away from 50 cl to €2.36 increased of 14.1 cents.

In April 2022, the national average price of a pint of stout in licensed establishments was €5.12 while a pint of lager was €5.50.

National average prices are compiled with the CPI. The full list of items included in the national average prices and their monthly prices can be found at: https://data.cso.ie/table/CPM12


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