Increased prices for consumer goods and services have contrasting impacts on different groups of people
Analysis: increased prices for consumer goods and services have contrasting impacts on different groups of people
First of all, what is inflation? Chris Sibley -"Inflation is generally described as a decrease in the purchasing power of money so in effect it means you spend more to get the same goods or services. Think of any product you buy regularly, be it a litre of milk or a sliced pan, and if the price increases it takes up more of your money to buy that one item, so inflation has a direct impact on your ability to spend money on other items.
What is happening with inflation right now? The CSO conducts the official measurement of inflation through the Consumer Price Index , and this is based on the collection of approximately 50,000 prices each month. In recent years we've seen very significant increases with inflation of 7.8% in 2022 and of 6.3% in 2023. As of April this year, inflation is running at approximately 2.
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage PreferencesWhat do we know about how inflation affects certain groups of people? Edel Flannery -"Each household has its own unique consumption pattern of goods and services and so has its own personal experience of inflation.
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences Do we have any insight into inflation across levels of income? For the lowest 10% of households by income, the largest contributors to their experience of inflation were increases in electricity, gas, other fuels and rent. By contrast, for the top 10% of households by income, the increase in mortgage interest payments was the largest contributor to their experience of inflation.
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