The cost of living crisis continues to have a firm hold on Ireland as many businesses and households are faced with making some tough decisions to make ends meet.
While companies have been forced to hike up prices as a result of increased energy and material bills, families across the country have been hit with rising costs from almost every angle.
Fast food giants such as McDonald's have also announced price hikes. Meanwhile, groceries continue to increase in expensive along with electricity and fuel.
Read More: Irish inflation rate 2022: What is inflation, why is it so high in Ireland and what happens next?
Here are the main cost of living updates you need to know.
McDonald's
McDonald's has announced that prices are set to rise in Ireland for a number of popular items, including cheeseburgers and some breakfast items.
In an email to customers, McDonald's UK and Ireland CEO said Alistair Macrow: "We know things are tough right now. We're living through incredibly challenging times, and we're all seeing the cost of everyday items, such as food and energy, increase in a way many of us have never experienced.
"Just like you, our company, our franchisees who own and operate our restaurants, and our suppliers are all feeling the impact of rising inflation. Today's pressures mean, like many, we are having to make some tough choices about our prices.
"This summer, our restaurants will be adding between 10p and 20p to a number of the menu items impacted most by inflation."
The price of a cheeseburger will go from €1.50 to €1.70, while other items affected include:
- McDonald's breakfast items
- Main meals
- Large coffees
- McNugget shareboxes
- 'Go Large' options
However, items that will not see rises include:
- Salads,
- wraps,
- Chicken mayo.
"Some prices remain unaffected, and some will continue to vary across our restaurants. We understand that any price increases are not good news, but we have delayed and minimised these changes for as long as we could.
"We will continue to listen to what you want from us and work tirelessly to find solutions to today's cost challenges affecting our business," Macrow concluded.
Groceries
A study carried out by Kantar showed that despite shoppers opting for cheaper products in an effort to reduce cost, the average price paid for each item has increased by 6.3%.
Senior Retail analyst with Kantar, Emer Healy, said: "We are seeing rising costs on many fronts, and shoppers' weekly grocery bill is no exception to the rule. Food and drink prices are continuing to climb, and the impact of this on shopping budgets is now unavoidable for many consumers."
In response to the cost of living crisis, Healy explained that shoppers are also reducing the frequency at which they go shopping while opting for cheaper products.
She said: "Consumers are now making two less trips to the supermarket on average compared to this time last year."
As a result of changing habits, branded products are seeing fewer sales, with shoppers spending €72 million less on branded goods.
In contrast, shoppers spent €19 million more on retailers' own-label products, which grew 1.5% over the last 12 weeks.
Retailers' own-label products now account for 46.7% of the Irish grocery market in terms of consumer spending, compared to 44% in 2020.
Prices in several food categories were significantly higher in June 2022 compared to the same month last year.
Some of the most notable annual increases were:
- Dairy Products 49.1%
- Meat & Meat Products 14.5%
- Grain Milling, Starches & Animal Feeds 11.7%.
- Food Products 10.2%
- Food Products, Beverages & Tobacco 9.9%
Electricity
The price of electricity in Ireland has risen by 91% in the last year.
The Central Statistics Office (CSO) published the Wholesale Price Index for June 2022, which makes for grim reading for people who are already struggling to make ends meet.
The new data shows that there was an increase in the price of wholesale electricity in June, with prices 26.9% higher than the previous month.
Coming on top of other price rises in the last year, the wholesale price of electricity is now 91.3% higher than in June 2021.
The overall Energy Products Index followed these trends, going up by 22.8% since May 2022 and up 80.8% when compared to June 2021.
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