Irish consumers have experienced an exceptional rise in electricity, gas and oil prices over the last 18 months. Across the EU27, the average increase in energy prices by 2022 was 50 per cent compared with pre-pandemic levels – for Ireland it was 63 per cent. However, some European Union partners suffered an even bigger hit, with energy prices in Italy, the Netherlands and Estonia up more than 100 per cent compared with 2019.
While energy prices are now on the way down, there is widespread concern in Ireland that electricity companies are too slow to cut their prices, and thus potentially reaping excessive profits. While difficult to assess directly, the evidence from the import price of gas into Ireland suggests that what we are seeing is the effect of companies buying their gas months ahead, to hedge against even more excessive price rises.
To some extent the public’s attention has now focused on the continuing high rate of inflation in food prices. Obviously, this is of particular concern for those on low incomes. One of the factors underlying Ireland’s higher food price level is the isolated nature of the market. It is difficult for continental EU firms to enter and compete here and, post-Brexit, it is more difficult for UK firms to compete
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