Cost of living Archives - LSL Auctions News

Cost of living

Ireland ranks ninth for cost of living – Numbeo

Numbeo, the world’s largest cost of living database, has released mid-year 2022 statistics that rank countries around the world across a range of categories. Numbeo is also a crowd-sourced global database of quality of life data: housing indicators, perceived crime rates, healthcare quality, transport quality, and other statistics. Of the 42 countries assessed in Europe for the mid-year 2022 report, Ireland is at ninth spot for cost of living. Switzerland,…

Weekly earnings are up, says CSO

The latest Earnings and Labour Costs report from the Central Statistics Offices, published 31 May, 2022, shows that average weekly earnings now stood at €880.37 in the first quarter of the year. This is an annual increase of 2.3%. Hourly earnings increased on an annual basis by 1.9% to €27.33. However, according to Shannon Chamber HR, any wage increase is being eaten away by rising inflation. In another recent report, the…

CPI increases 7% year on year to April 2022

The Central Statistics Office (CSO) published an update on prices for consumer goods and services on May 12, showing that CPI was up by 7% in April – year on year. Commenting on annual changes shown in the release, statistician Colin Cotter said: “Prices have been rising on an annual basis since April 2021, with an annual inflation of 5% or more recorded each month since October. The annual CPI…

Fertiliser prices have increased by 149%

Fertiliser prices were up by 149% year on year to March 2022, according to the Central Statistics Office (CSO). Energy and feed prices increased by 54.9% and 22.6% respectively. Milk prices are up by more than 32%, while cattle prices are more than 22% higher on an annual basis. Food price inflation is likely to get worse as higher energy costs continue to impact the economy. An average food basket…

Sharp cost of living changes could be imminent

The cost of living in Ireland could increase if the European Central Bank (ECB) takes steps to eliminate high inflation. In that instance, headline EU interest rates could rise to 6% and Irish mortgage rates to 8% minimum. Headline inflation encompasses food and energy. That’s if the bank applies the same approach as the former US Federal Reserve chairman Paul Volker did in the late 70s. His decision to wreck…

Property survey reveals negative sentiment

A survey conducted by MyHome has revealed that nine in 10 homebuyers say that purchasing property next year would not be beneficial, due to increasing property costs. The survey states that 12% of respondents have agreed that the next 12 months would be a good time to buy, while three-quarters of respondents are concerned about the state of the property market. It’s understood that the survey was conducted on 2,020…