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The price of a barrel of oil has dropped from over €100 to less than €50 in the past year.
In response, diesel and petrol prices have come down, but this price fall is not reflected in food, transport or production costs.
For example, it was far less expensive this year to harvest grain and potatoes, but bread has not allen in price and the cost of a bag of chips has doubled over the past year.
The experts tell us that it takes time for cost reductions to filter down. Well, that time is up.
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