Dublin: Inflation, high interest rates, and price hikes that have not been experienced in decades are again putting ordinary people in trouble in Ireland.
While concerns are growing in all sectors, some of the country’s most powerful corporations are advancing by deceiving the public. Organisations such as Tesco, which boasted that they had reduced the prices of around 700 daily-use goods and that they were always with the people, are now raising prices and putting people in the dark. Even though the price of milk in the country is decreasing, Tesco has increased the price of milk products, including yoghurt, by more than 50%. Yoghurt, which could previously be purchased for 79 cents, is now 1.09 euros.
A report by the Competition and Consumer Protection Commission says that a good percentage of people in the country are struggling to make ends meet.
This insight into people’s lives is reflected in the first in a series of surveys on economic well-being in Ireland. The Commission’s assessment is based on a survey of over 1,500 people. The study was conducted for CCPC by Indecon Consultants and Ipsos MRBI.
According to the survey, one in every eight people in the country does not even have enough savings to last a month if their current income stops. The report also says that one in seven people is in debt. The survey reveals that the lives of the elderly and the uneducated are miserable.
This includes parents living alone and those living in shared accommodations. The study sought to ascertain how high inflation and interest rates have impacted social life in Ireland. The report points out that the age gap in economic status is huge.
77% of the respondents are planning a private occupational pension in addition to the government pension to carry on their retired lives. However, 58% of respondents report being satisfied with their current financial situation.
Other findings of the survey
The study shows that men are willing to experiment with cryptocurrency and the stock market. One in three say they have never shopped for a financial product, and one in four have been victims of some form of financial fraud.
Kevin OBrien, a member of the Competition and Consumer Protection Commission, said the findings of the first report in the Commission’s economic well-being series were very positive.
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