Triple inflation shock as fuel and groceries surge in price — and home loans are set to follow suit

Irish consumers have been hit by spiralling fuel and grocery prices, and now the ECB has signalled an about-turn in its outlook on inflation, and is expected to start raising interest rates later this year. File picture

Consumers have been hit with three further cost hikes as petrol and diesel hit 30-year highs and grocery prices rose again, as well as the spectre of two potential interest rate increases before the end of the year.

The spiralling cost of living is a very real problem for the Government as it draws up a range of measures to ease the impact on struggling households amid warnings that things could get worse before they get better.