Ireland is ahead of rest of Europe in terms of housing and living expenses
DUBLIN: The Eurostat report shows that Ireland surpasses the rest of Europe in terms of housing and utility prices, with prices 78% higher than the European Union average.
The prices for consumer goods and services in Ireland are 36% higher than the average price across the EU last year.
The figures show that Irish living standards are much lower than those of the wealthiest European due to high prices. Inflation data released last week indicate that prices are rapidly rising. In May, prices were 1.7% higher than a year before, the fastest rate of increase in nine years.
The prices of energy, hairdressing, restaurants, liquor, and hotels have all risen. Eight energy companies have raised their prices in recent weeks, some for the second time this year.
Ireland ranks second in the EU in terms of consumer goods and services prices. Figures also show that Ireland is the most expensive country for alcohol, tobacco, and food. At the same time, the report shows that clothes and footwear prices are lower than the EU average.
Global Ranking 39 in terms of cost of living
Dublin is the 39th most expensive city in the world, according to a new cost of living report. Alcohol and tobacco use are 87% higher than the European Union average. This leads to higher excise tax and other taxes in the country.
Ireland is 78% more expensive than the average in terms of housing, water, electricity, and gas. Communication services are 40% more expensive, while restaurants and hotels are 29% more expensive than in the rest of Europe.
Transport services are 37% more expensive here than in the rest of the EU’s 28 member countries. Prices for food, beverages, cars and bikes are 13% higher than the EU average.
Expert says cost of living is a major issue
Austin Hughes, an economist at KBC Bank, said the Eurostat findings show that the cost of living is a major issue, even though current inflation is below 2 percent. The purchasing power of households here is lower than the European Union average. Data shows that this is 30% lower than in the wealthiest member state Luxembourg.
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