Ciarán Nugent: Hidden numbers behind the cost-of-living crisis

The number of people struggling to cover their basic living expenses increased in 2022 by 150,000 to 860,000, or 17.2% of the population, and two thirds were working adults

Average real wages have fallen in the low-wage parts of the economy this year: Hospitality, retail, and public sector workers have been disproportionately impacted by the  cost-of-living crisis. Picture: Denis Minihane

With inflation running at over 8%, real wages fell this year by almost 6%, and only in information technology, which accounts for about one in 12 jobs, did average wages grow ahead of rising prices. 

That means real average weekly wages in Ireland are up by 1.6% from 2019 and, if the trends continue, will be lower by 2023 than they were before the pandemic. Remember too, that average wages had only recovered by around 2017 from the great financial crisis of a decade earlier.