The price of milk soared by 33.3% last year while butter also rose by 23% and the price of bread jumped by 16%, according to figures from the Central Statistics Office (CSO) published today (Tuesday, January 17).
There were also “significant increases” in relation to costs for housing, water, electricity, gas and other fuels which jumped by 25.9% in 2022 compared to prices a year earlier.
In its annual Consumer Price Index, the CSO illustrates how inflationary pressures drove up the cost of living across the country as housing, heating, fuel and food costs skyrocketed.
According to the CSO, the annual average rate of inflation in Ireland in 2022 was 7.8% compared to 2.4% in 2021.
The CSO figures show that prices for energy products rose on average by 41.2% in 2022, but its analysis also details that the price of electricity specifically shot up by 62.7%, while gas prices increased by 86.5%.
The latest Consumer Price Index also outlined that liquid fuels, which included home heating oil, rose by 39.9%, while solid fuels also increased by 46.9% in 2022.
Other key cost-of-living pressures that were illustrated in the annual review underline the change in the price of food and non-alcoholic drinks – which increased on average by 11.7% last year, according to the CSO.
The biggest price hikes included:
- Fresh, whole milk – up 33.3%;
- Sugar – up 30%;
- Eggs – up 23.5%;
- Butter – up 23.1% ;
- Bread – up 16.3%.
The cost of transport also jumped by 13.9%, while the price of alcoholic drinks and tobacco products increased by 8%
There were however, also some indicators which suggested costs fell in specific areas including education, which declined by 7.1%, and miscellaneous goods and services, which dipped by 0.4%.
Meanwhile, the CSO also published national average prices for selected goods and services for December today.
Anthony Dawson, CSO statistician, said prices for consumer goods and services in December 2022 increased by 8.2% on average compared with December 2021.
“There were price increases for an 800g loaf of white/brown sliced pan (+26c), two litres of full fat milk (+57c), and a pound of butter (+71c) when compared with December 2021,” Dawson added.