Significant Increase in Food and Drink Prices in the Past Year
Recent inflation data from the Central Statistics Office reveals a notable surge in the prices of various food and drink items over the last year. Food inflation has outpaced the general price increase in the economy, with products like butter, milk, cheese, bread, and meat experiencing substantial price hikes. While some items have seen price decreases, overall the cost of fruits and vegetables has remained relatively stable. Fuel prices, on the other hand, have decreased during the same period.
There has been a sharp rise in the prices of several food and drink products over the past year, as per the latest inflation data from the Central Statistics Office. The food inflation rate since June 2024 has been more than double the general price increase in the economy (4.6% vs 1.8%).
The Consumer Price Index for June indicates that the price of a pound (454g) of butter surged by 28% to €4.83, up by €1.10 from the same period in 2024. Prices of other dairy items like two litres of milk (+27c to €2.47) and a kilo of cheese (+95c to €11.34) have also notably increased in the past year. An 800g white sliced pan loaf of bread now costs €1.67, which is 6 cents more expensive.
Moreover, many meat product prices have risen, with a kilo of roast beef up by 20% to €15.20 and a leg of lamb per kg costing nearly 19% more at €17.70 compared to last year. The cost of a pint of stout has increased by 4.6% to €6.07 since June 2024.
However, some food and drink prices have decreased, such as a 2.5kg bag of potatoes (-29c to €3.81). Fruit and vegetable prices have remained relatively stable over the past year, according to the statistics. On the other hand, both petrol and diesel prices have fallen in the year leading up to June, with the average price of a litre of diesel dropping from €1.71 to €1.65 and petrol decreasing by 9 cents to €1.69.
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