General News / June 22, 2023

Ireland Has The Highest Prices In The EU

General News / June 22, 2023

Ireland Has The Highest Prices In The EU

Words: Dray Morgan

A recent study into consumer prices of goods and services has shown that Ireland has the highest average prices in the entirety of the European Union.

The European Union’s data and statistics body, Eurostat, have concluded a study which looked at consumer prices for everyday goods and services. It found that Ireland topped the list of most expensive countries in the EU.

The survey, which is based on the prices of over 2000 general consumer items, found that Ireland is 46 per cent more expensive to live in than the average EU household.

The cost of alcohol and tobacco is one of the main factors of Ireland registering so high as prices come in over double the European average. As well as this, Ireland has the second highest energy prices, only behind Denmark.

Essential travel costs such as public transport and motor vehicle ownership also ranked within the top five most expensive in the EU only behind the Scandinavian countries and The Netherlands.

Overall, Ireland is one per cent more expensive than Denmark and three per cent more expensive than Norway. However, the difference in wages means that people who live in Norway and Denmark have a 14 per cent higher purchasing power.

It is also important to note that the study does not take into account the cost of housing. Dublin is also the most expensive city in the European Union for rental properties. It only trails behind Zurich, Geneva and London when considering the entire continent of Europe. Amsterdam is the second most expensive city for rentals in the EU, yet is still 25 per cent cheaper than Dublin.

The only category of consumer goods that was cheaper than the EU average in Ireland last year was clothing, coming in at 3.3 per cent cheaper than the EU average.

The Irish Central Statistics Office also have indicated that this is the twentieth month in a row where inflation has been over five per cent.

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