Prices rising at fastest rate in 22 years with basic food costs soaring

Statistician Colin Cotter said: 'Looking at some staple items, the national average price for bread (large (800g) white sliced pan) was up 13.6 cent in the year to February 2022, while the same size brown sliced pan is up 20.6 cent in the year. Fresh fillet of cod per kg increased by 23.3 cent in the year, while the average price for 2.5kg of potatoes decreased by 18.2 cent.' 

Prices are increasing at their fastest rate in almost 22 years, with the price of some staples such as bread up more than 20 cent in the past year.

The Central Statistics Office on Thursday published its consumer price index for March 2022, showing prices across the board rose 6.7% in the past 12 months. The last time it was this high was the 7% recorded in November 2000.

Prices rose highest in the categories such as transport (+18.7%), housing, water, electricity, gas and other fuels (+17.4%) and alcoholic beverages and tobacco (+7%).

The latest CSO release also includes data on national average prices for selected goods and services for February.

Prices rose by 6.7% in the year to March 2022https://t.co/wWkTwx8Uvz #CSOIreland #Ireland #CPI #ConsumerPrices #Inflation #Deflation #Prices #BusinessStatistics #Business #BusinessNews #IrishBusiness pic.twitter.com/eWzK3YSMns

— Central Statistics Office Ireland (@CSOIreland) April 7, 2022

Statistician Colin Cotter said: “Looking at some staple items, the national average price for bread (large (800g) white sliced pan) was up 13.6 cent in the year to February 2022, while the same size brown sliced pan is up 20.6 cent in the year. Fresh fillet of cod per kg increased by 23.3 cent in the year, while the average price for 2.5kg of potatoes decreased by 18.2 cent.” 

Using that same metric, a kilo of Irish cheddar rose by almost 50c, lamb loin chops are almost €1 more expensive per kilo, and spaghetti is around 16c more expensive per 500g.

“[The figures] show that diesel at €1.66 per litre and petrol at €1.75 per litre were up by 40.7 cent per litre (+32.5%) and 40.8 cent per litre (+30.3%) respectively between February 2021 and February 2022,” Mr Cotter said.

Energy prices

According to the consumer price index for March, petrol was up 35% and diesel was up 46% on the same month last year.

The price of energy for our homes has also risen sharply, with electricity up 22.4% and gas up 27.9%. This is before customers feel yet more price hikes to their energy bills in the coming weeks and months.

Home heating oil has more than doubled in the past year, up 126.6% according to CSO figures.

The cost of accommodation services in Ireland is up 13.7% while the cost of recreational and cultural services has risen 2.8%.

Prices, however, are going down in some areas according to the consumer price index.

The cost of clothing (-0.8%) and education (-0.8%) was down in March 2022 compared to the previous year and some goods and services classified as miscellaneous such as cosmetic and skincare products, jewellery and watches and insurance was down.

Motor insurance fell by 12.1% in the year to March 2022 according to CSO figures.

Looking at alcohol in February, the average price of a take-home can of 50cl lager was €2.18, up 26.8% from February 2021, while the average cider can was up 13.5% to €2.36.

The average price of a pint of stout in a pub was €4.95, while a pint of lager was €5.33. Mr Cotter added that as pubs were closed in February 2021, no direct annual comparison is available.