Ireland's cost of living rises to 40% above EU average

Consumer prices in Ireland are 40% above the EU average, which is an increase of 11% since 2016, with Ireland now surpassing traditionally expensive countries such as Sweden, Finland and Luxembourg.

According to a new survey by bonkers.ie of a recently released Eurostat report which compared price levels of consumer goods and services, Ireland is the most expensive country for housing costs including rent, mortgage rates and electricity, sitting at 88.5% higher than the EU average.

Ireland's health costs also rank highest in the EU at 72% above average.

"The Government needs to look at costs within its control. Reduce childcare costs, roll out free GP care to all, commit to keeping public transport fares down, reduce stamp duty on insurance policies and make sure consumer bodies are worth their huge taxpayer-funded expense," bonkers.ie spokesman Daragh Cassidy said.

Alcohol and tobacco costs skyrocketed Ireland to the top of the list in the EU, with prices here over double the average.

Ireland has some of the highest rates of tax on alcohol in the world which are 105% above the EU average. Additionally, these figures were compiled prior to the introduction of the Minimum Unit Pricing which may mean a further increase in prices.

Alcohol and tobacco costs are lowest in Bulgaria where prices are around 36% below average.

Ireland ranks 4th most expensive in the EU for the prices of eating out and staying in hotels, at 30% above average, behind only Denmark, Sweden and Finland.

"But these figures were compiled before scores of hotels were blockbooked by the Government to house asylum seekers & Ukrainian refugees fleeing the war, which has sent prices up further," Cassidy said.

Luxembourg took the top spot as the most expensive country for food and non-alcoholic drink, with Ireland closely behind in third place, at 19% above average. Romania is the cheapest at 31% below average.

Ireland does do well in the clothing and footwear category as prices here come in at 1% below average, with Switzerland at the top of the list.

"I would also like to see a new ministerial position for consumer affairs created. We rightly have a huge focus on business and enterprise in almost all areas of government in this country. But that same focus isn’t extended to consumers,” Cassidy told the Independent.