New report reveals how far prices in Ireland are above the EU average

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The high cost of living in this country has been laid bare by new figures which show that prices in this country are the highest in the 27-member union.

the rices here are 40% higher than the European Union average.

And the gap between what is billed here and on the Continent is widening.

Irish people pay far more than the EU average for food, drink, energy, transport, communications and restaurants, according to a new Eurostat report.

The Indo Daily: Feeling the pinch – the ‘cost of living’ crisis and you



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Health care costs are the highest in the EU.

It comes as prices are skyrocketing at rates not seen in four decades, putting massive pressure on family budgets.

The new report from the European statistics agency shows that overall prices are 40% higher in this country compared to the EU average.

Prices in Ireland are jointly the highest in the European Union 27 with Denmark.

Ireland has the highest prices for alcohol and tobacco.

This country is the third most expensive country for food and non-alcoholic beverages, with prices on average 19% higher than the EU average.

Health expenditure is the most expensive in the EU, at a staggering 72% above average.

Combined housing costs such as rent, mortgage rates, gas and electricity are again the most expensive at 89% above the EU average.

Communication costs are 46.5% higher than the EU average.

Transport services are 39% above the EU average, with energy 15% above average.

Restaurant and hotel prices are 29.5% higher than average.

There have been persistent accusations of price hikes in the hospitality sector here as a shortage of staff and industry attempts to make up for losses during Covid have led to soaring prices, particularly for rooms of hotel.

Daragh Cassidy of price comparison site Bonkers.ie said: “No one is under the illusion that Ireland is a cheap place to live. However, the magnitude of the price difference between Ireland and our neighbors is quite shocking.

He said that the fact that the price gap is getting worse does not bode well for our competitiveness.

“In 2016, prices in Ireland were 29% above the EU average. But that gap has widened every year since.

He said wages in Ireland are also above the EU average, but no more than 40% for most people.

“I urge the government to consider measures that are within their control to reduce the impact of high prices and the cost of living in Ireland.

Mr Cassidy said that at 23pc, our VAT rate is among the highest in the world.

Fees for GP visits and hospital stays lead us to have the highest healthcare costs in the EU, he said.

“Meanwhile, we have astronomical childcare costs. While the government stamp duty leads to an increase in car insurance and home insurance.

He said consumer bodies such as the CCPC and regulators such as the CRU for energy and ComReg for telecommunications need to do a better job of advocating for consumers more.

“If they need more powers to enforce the laws and lower prices, they should demand it,” Mr Cassidy said.

“I also want the creation of a new ministerial post for consumption. We rightly place a high value on business and enterprise in almost all areas of government in this country. But this same attention does not extend to consumers.

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