The minimum price of a pint could increase to €10 in 'certain locations' in the coming months according to a top economist.
However, for the most part, this is not going to be the case, according to emeritus economics professor at DCU Business School, Tony Foley - Buzz.ie reports.
Foley, while speaking with Newstalk Breakfast, explained why different pubs around the country charge different rates for drinks: "Basically people can get away with it, so it's the market situation. You're able to charge €6, €7 in some places and in other places it's €4/€4.50.
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"The other argument, of course, is the cost involved: that the cost of running a pub is different in different locations. If suppliers have increased their prices by, say 5c a pint, what you will find is the publican won't increase it by 6 or 7c."
"They'll increase by some sort of multiple of that, 10 or 15c. And what they want to do is maintain their margins, but also keep the arithmetic sensible. You don't want to be charging €4.67 for a pint, it'll be €4.60 or €4.70," Foley said on the radio show.
Asked about whether the price of a pint could increase to €10, Foley said: "In certain locations yes, as a general rule of thumb no, we're well away from that.
"The CSO estimates an average price for a pint of stout across the country, the latest figures were for June of this year, and the price is €5.13. So it's a long way to go to €10," he added.
A recent survey, compiled by Bonkers.ie using Eurostat data, found Ireland is more expensive than many typically high-cost European countries such as Luxembourg and Sweden.
It was revealed that Irish consumers pay 40 per cent more for energy than the EU average. However, that's not where the high prices stop, it was also found we pay more for hotels and restaurants, food and drink, healthcare, mortgages and communication.
Specifically, when it comes to both alcohol and tobacco, Ireland is the most expensive, with prices reaching double the EU average.
In January 2022, the average price of alcohol in Ireland had increased by 17.4 per cent throughout the previous 12 months.
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