The rise in the cost of household bills has put families under a lot of pressure.
Several electricity providers have hiked their prices meaning the average bill is nearly double the cost.
From childcare to petrol prices, and car insurance to rent, everything has risen in price
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Here is everything you need to know about the price hikes to come.
Mortgage rates are going up
The Central Bank has said mortgage rates have shot up and are the highest they’ve been in 3 years.
The new figures released by the bank in early March revealed the average interest rate on a new mortgage in Ireland rose from 2.69 per cent in December to 2.93 per cent in January.
VAT rates and excise duty
.Electricity prices surged with European natural gas prices to never before seen levels in response to the war in Ukraine and Russia’s reduced gas flows to Europe, RTE reported.
The country's biggest electricity provider, ESB, made a record profit of €847 million last year after imposing huge price hikes on households and businesses.
It said the increase was mainly due to the impact of higher wholesale prices in its generation and trading businesses both in Ireland and the UK.
In late 2023, the excise duty on petrol and diesel will slowly increase over the coming months until it is back to 21 cent per litre, RSVP reports.
Social Welfare
The Winter Fuel Allowance payment to help with the cost of heating homes will finish next month.
Parents are also set to receive an extra €100 per child in June amid cost of living prices.
Recipients of the helpful payment will lose out on the €33 per week.
Last December, the Fuel Allowance scheme opened for new applicants after Social Protection Minister, Heather Humphreys, made updates to the payment and changed the income limits.
The move meant more than 80,000 additional households would be considered eligible for the scheme for the first time, and was the largest-ever expansion of the Fuel Allowance scheme
Currently, over 370,000 households receive the Fuel Allowance payment and if you qualify, it is paid with your social welfare payment on the same day.
Sky increase phone and broadband
Households that have a subscription with mega company Sky to get their TV and broadband services are to be hit with a price hike from April.
Sky Ireland is raising its cost for TV and broadband packages by 5.1pc. This will work out at an average of €4.51 per month per customer's deal.
Sky has said it needs to increase prices due to a “significant increase” in its operating costs.
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