Households face cost increases of up to €1,000 a year

The Government is expected to announce a moderate tax package in next month’s budget that should see the average worker take home around €500 to €600 extra a year. However, cost increases as well as the increase in PRSI mean much, or all, of this gain will be swallowed up by higher costs for many households. File picture

Households face cost increases of up to €1,000 a year as higher gas and electricity prices, health insurance premiums, mortgage repayments, and streaming costs kick in over the coming weeks.

Workers will also face a hike in their PRSI payments and public transport fares will jump by 15% on average from January.