A new Central Statistics Office (CSO) report paints a complex picture of Irish life in 2024, showing increased earnings alongside persistent cost-of-living challenges and housing concerns.
While average weekly earnings reached €955.49 – up €280 from a decade ago – and employment rates hit a 26-year high of 75.3%, Irish households continue to face rising costs across multiple sectors.
According to The Irish Examiner, the housing market saw particularly sharp increases, with residential property prices jumping 9.7% year-on-year, pushing the median house price to €350,000. Adding to housing pressures, new home construction fell 3.1% in the first three quarters of 2024, casting doubt on the government’s target of 40,000 new homes for the year.
Although inflation moderated from 4.1% in January to 0.7% in October – well below the 9.2% peak seen in October 2022 – everyday costs continued to climb. Rent rose by 4.5%, mortgage interest by 3.8%, and eating out became 5% more expensive. Even basic groceries saw notable increases, with items like potatoes, milk, cheese, and butter all costing more than in 2023.
The CSO’s Household Budget Survey revealed that Irish households spend an average of €1,007.47 monthly, with a quarter going to housing and energy bills. A concerning trend emerged in wholesale electricity prices, which were 18.9% higher in November compared to the previous year.
However, there was some positive news on savings, with households managing to save approximately one euro for every six euros spent on day-to-day expenses throughout 2024.