Consumers paying a lot more for basic groceries than a year ago

The microscope has been squarely on the cost of grocery shopping in recent months, with the Government urged to take action and supermarkets announcing a drop in milk and bread.

Supermarkets may be beginning to cut their prices, but consumers are still paying a lot more for some of the basic grocery staples compared to this time last year, new figures show.

The latest Consumer Price Index from the Central Statistics Office shows prices rose 6.1% in the year to June 2023.

Consumer prices rose by 6.1% over the 12 months to June 2023https://t.co/BgiV6pnHDf#CSOIreland #Ireland #CPI #ConsumerPrices #Inflation #Deflation #Prices #BusinessStatistics #Business #BusinessNews #IrishBusiness pic.twitter.com/UtzdpbKmcU

— Central Statistics Office Ireland (@CSOIreland) July 13, 2023

While inflation is on a downward trend from its heights of last year, Ireland is closing in on almost two years of inflation over 5%, as June marked the 21st consecutive month it was above that figure.

Consumers’ pockets have faced the strongest hits in energy, housing and groceries in that time and that again is borne out in the latest figures.

However, there was also a huge jump in the cost of package holidays, according to the statistics, rising 21.2% in just one month, and up 43.2% in the year indicating a strong demand post-covid.

Similarly, the cost of eating out has risen 6.6% in the year, while the cost of accommodation such as hotels has increased 13%.

The microscope has been squarely on the cost of grocery shopping in recent months, with the Government urged to take action and supermarkets announcing a drop in milk and bread.

However, the CSO statistics tell us that, even despite these cuts, households are still paying more in their weekly shop than they were at the same time last year.

• The national average price of a sliced white pan in June was €1.66, up 11c on last year;
• A 2l full fat of milk was €2.24, up 28c;
• Irish cheddar cheese per kilo was €10.52, up 74c; 
• A lb of butter was €3.75, up 29c; 
• Sirloin steak per kg was €16.53, up €1.22; 
• Pork sausages per kg as €6.97, up 52c; 
• A dozen large eggs were €2.22, up 34c. 

Also compared to the same time last year, the average price of a pint of stout in Ireland is now at €5.51 (up 48c), a pint of lager is €5.97 (up 44c) and a measure of whiskey or vodka is at €5.25 (both up about 30c).

Away from food and drink, energy inflation remains strong, with electricity up by 34.7% compared to June 2022 and gas up by 47.3%.

Furthermore, many homeowners with a mortgage will have taken a hit, with mortgage interest up 46.4% in the space of a year. The average rent, meanwhile, was up 7% in the last 12 months, the CSO said.