Forget headlines about falling inflation - consumers must brace for more price hikes

The rate of inflation is dropping but fuel, food, beer, and mortgages are all continuing to rise in price

Diageo has already announced another 4 cent increase in the price of its pints, on the back of a 12 cent hike in February. Stock picture

In June, the European Central Bank announced that inflation in May had fallen to 6.1% from a high of 10.6% last October. In Ireland, the news — on paper at least — is better still. Inflation fell from 4.8% in June to 4.6% last month.

The bad news however is that we can expect a raft of price hikes in key areas over the coming weeks, even as the general rate of inflation eases off. Petrol, diesel, alcohol, streaming services, and transport services are just some of the things going up in price, which will put further pressure on hard-pressed households.