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Friday 9 June 2023 Dublin: 11°C

# Inflation

This week
4th June 2023 - 9th June 2023
Voices
Analysis: Weekly shop increases aren't driven solely by higher costs - what about company profits?
Economist Victor Duggan looks at the latest economic figures and asks why super-sized profit margins are not being queried more.
Last week
28th May 2023 - 3rd June 2023
# Inflation
Shoppers turn to own-label products with grocery inflation at 16.5% since the end of February
It’s a marginal decrease on last month but still the third fastest rate of grocery inflation since 2008.
Last month
May 2023
# Energy Bills
More than a third of parents surveyed by Barnardos had to cut back on heating due to inflation
The research is based on a survey of a sample of 315 parents.
Voices
Analysis: Housing in Ireland won’t look any better before the next general election
Economist Victor Duggan looks at the continued decline of housing supply in this country – he doesn’t hold out hope of it improving any time soon.
# Inflation
From energy caps to scrapped TV licence: How nearby countries responded to cost-of-living crisis
What measures have some other governments responded to rising prices over the last year?
# food prices
Windfall tax on retailers who post huge profits being examined - Varadkar
Windfall taxes have been imposed previously by the government on energy companies and special dividends.
Voices
Analysis: Corporate profits must also be taken into account when discussing inflation
Oana Peia and Davide Romelli look at the increases in inflation and asses the impact corporate profits are having on this cycle.
# Inflation
Cost-of-living: Average year-on-year costs of milk and sliced bread rises by 24% and 13%
The CSO figures show that annual rate of inflation eased to 7.2% in April from 7.7% in March.
The national average price for a large 800g white slice pan was up 23 cent in the year to April 2023.
The average price of Irish cheddar per kg rose by €1.42 and butter per lb rose by 66 cents.
Tesco and Aldi dropped the cost of some of their bread goods yesterday by 10 cent, while Supervalu followed suit today.
Government holds discussion with retailers over prices as Tesco and Aldi cut bread by 10c
# Price Hikes
Sudden drop in bread prices by some supermarket chains blasted as a 'PR exercise'
The price cut came just hours in advance of an urgent Retail Forum meeting to discuss food prices.
# Inflation
Government holds discussion with retailers over prices as Tesco and Aldi cut bread by 10c
Opposition parties have been pressuring the Government to bring transparency to food prices and profits made by the industry.
Junior minister Neale Richmond will meet large retailers at 2pm this afternoon.
Earlier today, Tesco and Aldi announced a 10c cut in the price of their own-brand bread.
# Cost of Living
Government accused of ‘sitting on its hands’ during cost-of-living crisis
Taoiseach Leo Varadkar told the Dáil the Government was introducing measures every month to help people struggling with bills.
# Cost of Living
Retailers must 'step up to the plate' and reduce grocery prices, Richmond says
A meeting of the Retail Forum is due to take place on Wednesday.
# Inflation
Retail summit to discuss concerns over food prices in Ireland
The meeting has been called by Neale Richmond, the junior minister with responsibility for retail business.
# ECB
European Central Bank raises interest rates by 0.25 percentage points
The institution has lifted rates at an unprecedented pace since last year to combat spiralling energy and food costs.
# Cost of Living
Companies should pass on savings as costs fall, Donohoe says
The Public Expenditure Minister said that the Government would be watching out for companies profiteering.
# Cost of Living
European Central Bank expected to hike interest rates again as inflation grows
The inflation rate in the eurozone rose to 7% in April.
April
April 2023
# Cost of Living
Inflation slows again in April, but only to 6.3%
Average energy prices fell last month but food costs increased slightly.
# Inflation
Government has cash at its disposal ahead of Budget 2024 with €16bn surplus for next year
Finance Minister Michael McGrath was reluctant to commit to a giveaway budget this year, stating that inflation is now lower than last year.
# food costs
Labour call for investigation into 'price gouging' by supermarket chains
Ged Nash said that the Competition and Consumer Protection Commission needed to examine the matter.
# Inflation
Cost of living: Annual inflation rate down to 7.7% from 2022 high of almost 10%
March was the 18th consecutive month where inflation was at least 5%.
# donedeal
Growth in used car prices continues with over 77% increase since pandemic began
Last quarter also saw a major boost in the stock of used electric vehicles listed on DoneDeal.
March
March 2023
# Economic Outlook
Irish economy set for better-than-anticipated growth as inflation set to stabilise
That’s according to new researched published by the ESRI today.
# Podcast
The Explainer: What is shrinkflation?
This week on The Explainer, Laura Byrne speaks to Edgar Morgenroth, professor of economics at DCU Business School, to delve into the subject more. What level of shrinkflation are we seeing right now, is there anything to protect consumers from it – and when will it end?
# Consumer Price Index
Cost-of-living: Annual rate of inflation rises slightly to 8.5%
The CSO Consumer Price Index rose by 8.5% between February 2022 and February 2023.
# Quarterly Bulletin
Central Bank warns poor housing supply is a 'constraint' on Irish economy
The Bank revised its consumer price inflation forecasts down to 5% due to a more positive outlook for energy prices this year.
# Big Shop Shrinks
Shoppers buying fewer items per trip as grocery inflation hits record high at 16.4%
In contrast, at the same time last year, grocery inflation was only 2.4%.
This year
2023
Voices
Analysis: Government supports are welcome but will they improve living standards long-term?
Taking the temperature of the global economy, Economist Victor Duggan asks whether government support offered this week will be adequate.
# Cost of Living
Cost-of-living: Annual rate of inflation drops again slightly to 7.8%
The Consumer Price Index (CPI) rose by 7.8% between January 2022 and January 2023.
# food poverty
1 in 5 parents haven't had enough food for their children, according to survey
A survey on food poverty by Barnardos showed an increase in food poverty, compared with their previous survey.
# Inflation
AIB due to raise mortgage rates following European Central Bank hike
The bank said that it intended to raise interest rates further in March.
Varadkar says he'll reveal plans for eviction ban and cost-of-living supports in mid-February
The Taoiseach said it is ‘fair to say that the rising cost-of-living is biting hard’.
# Inflation
Consumer prices have increased by 7.7% in the year to January, CSO estimates
The CSO today published the flash estimate of inflation from the EU HICP for Ireland for January.
# Gabriel Makhlouf
Central Bank governor says cost of living increases have resulted in 'erosion of living standards'
Gabriel Makhlouf was speaking before the Oireachtas Committee on Finance, Public Expenditure and Reform this afternoon.
# stepping down
New Zealand Prime Minister Jacinda Ardern announces shock resignation
Ardern said she would step down no later than 7 February because she no longer had ‘enough in the tank’.
# Inflation
UK Chancellor Jeremy Hunt mocked over social media video explaining high inflation
Jeremy Hunt used a video set in a cafe to explain the rising cost of coffee.
# Cost of Living
Rate of inflation drops slightly to 8.2% in the year to December
That’s down from an increase of 8.9% in the 12 months to November 2022.
# Education
Teachers in England and Wales vote for strikes in pay dispute
The National Education Union has declared seven days of walkouts in February and March.
# An Post
Price of a national stamp to increase by 10c next month
An Post say that higher fuel and energy prices have made the increase necessary.
# Guinness
Diageo is raising the price of a pint of Guinness by 12 cent from February
The company said the increase is due to “significant inflation in input costs across our operations”.
# CHRISTMAS SHOP
Inflation led to surge in Christmas grocery spend compared to 2021
On average, shoppers spent an additional €95.31 when compared to the last three months of 2021.