Over the last few months, many people have noticed the cost of everyday items increasing across the board, leaving less money in their pockets at the end of the week.
Some changes have been broadcast and written about across different channels, while others have somewhat flown under the radar.
Let’s take a list of what prices are rising in Ireland now.
Gas and electricity
Just yesterday, March 15, Bord Gais Energy announced that it would be ending its winter price pledge, due to rising wholesale costs.
This meant that electricity bills would increase by 27%, while the average gas bill would go up by a massive 39%.
The change, which was described by the company itself as “not welcome news”, will come into effect from April 15.
The company said it recognises that some customers will experience difficulties in managing their bills, and so Bord Gais Energy has put in place additional supports and services to help.
In relation to this news, Irish Times journalist Conor Pope wrote: “So the fact that [Bord Gais Energy] has jumped first and so far means that every other company on the market will have to follow suit, and sooner rather than later, while feeling empowered to impose hikes of a similar – or even greater – scale.”
This means that rising gas and electricity bills unfortunately won’t be the only increases consumers start to notice.
In February, the Central Statistics Office recorded a 15.4% increase in prices of transport in the Consumer Price Index. Transport, in this context, “increased primarily due to higher prices for motor cars, diesel, and petrol and a rise in the cost of services in respect of personal transport equipment”.
Over the last few weeks, social media was filled with prices of petrol and diesel at filling stations across the country, with people shocked at the record-breaking heights.
The Russian invasion of Ukraine certainly caused prices to increase. However, CEO of Fuels for Ireland, Kevin McPartlan told the Irish Mirror that pressure was already building on prices as a result of Brexit and Covid-19.
Last week, the Government agreed to cut excise duty on petrol and diesel until the end of August. A technical EU limit prevented it from cutting duties on diesel any further than 15c.
However, following this, it was reported that petrol stations across the country had begun hiking up the price of fuel.
Unfortunately, this could mean that paying more for petrol could be here to stay a while longer.
High rental costs are not new in Ireland, with the average cost shooting up to 8.3% in 2021.
Unfortunately, 2022 is unlikely to be any different.
The CSO found a 12.7% increase in their housing, water, electricity gas and other fuels category, which, of course, was partially due to the increase in the cost of electricity, gas and oil.
However, a statement from the CSO confirmed that it was also down to “higher rents and mortgage interest repayments”.
Given the overall increase in the cost of living and the rate of inflation, basic necessities such as food and non-alcoholic beverages have seen a rise too.
The reality of the situation is that, when the likes of petrol and gas become more expensive, so too do supermarket items.
In relation to this, Kevin McPartlan said: “When you increase the price of diesel, the price of every product that needs to be taken from one place to another is increased because all the hauliers use diesel and it is the largest part of the expense.
“The price of getting a loaf of bread to the local Tesco or SuperValu has just gone up. Therefore, the price of the bread in Tesco is going to go up. It’s as simple as that.”
Another home-related cost is the streaming service Netflix, which many Irish households subscribe to.
Last week, the entertainment giant announced major price hikes.
The platform’s basic plan, which had been just €7.99, will now cost €8.99.
The 'standard' plan - which lets users view content on two screens at the same time - is going up from €12.99 per month to €14.99 per month.
While the 'premium' plan - which allows users’ stream TV shows and movies on four devices at the same time - is going up from €17.99 to €20.99.
The raised prices apply immediately to new customers, while existing customers will be given 30 days’ notice.
Increases of this nature may not seem huge to some, but they would certainly add up at the end of the month.
Once again, the general rising costs across the economy could lead to an increase in the cost of holidaying abroad.
Airlines have already admitted that the cost of fuel will cause ticket prices to increase. However, the conflict in Ukraine can also lead to higher flight costs.
Russia has moved to ban Western airlines from using its airspace, and so any heading to far-off destinations will have to seek out new routes, that will likely be longer.
Speaking to The Pat Kenny Show, Pol Ó Conghaile, travel editor at the Irish Independent said: “You’re going to look at airlines having to do longer routes, particularly between Europe and Asia.
“I was just trying to figure out what that might actually mean.
"If you’re doing an 11-hour trip, say from London to Tokyo, or a long route like that, it could add about €25,000 to the cost of the return flight or €120 per ticket.
“Airlines hedge their fuel prices, so they buy it in advance to cushion themselves against stuff like this but there’s such inflationary pressure at the moment that I wouldn’t be surprised to hear people start talking about fuel surcharges.”
He went on to explain: “It could definitely hit us in the pocket. Holidaying is just like every other industry at the moment. It’s been hit by energy costs, fuel costs, higher staffing, and so on.
“So I’m afraid it looks like our holidays may be a little pricier this year."