Ireland has become the second most expensive country in the EU, with costs for goods and services soaring 42% above the EU average, according to a Eurostat report. Only Denmark is pricier, with a 43% higher cost of living.
The gap between Ireland and the EU average has grown significantly since 2016, when prices were 29% higher. The rising costs are driven by high taxes and ineffective inflation control measures.
Housing, rent, mortgages, gas, and electricity are all about twice as expensive in Ireland compared to the EU average. Alcohol and tobacco are also costly due to high taxes. Additionally, Irish residents spend 28% more on restaurants, 18% more on energy, and 15% more on transport than the EU average.
Despite Ireland’s rich agricultural resources, food prices carry a 13% surcharge. The Eurostat report, which analyzed over 2,000 goods and services in 2022, highlights the financial challenges faced by those living in Ireland.