Latest news with #Eurostat
Irish Independent
6 hours ago
- Business
- Irish Independent
Ireland is most expensive country in EU after Denmark as prices continue to soar
Prices here are 38pc above the EU average – we are behind only Denmark when it comes to high costs. In 2015, prices in Ireland were 28pc above the average, but since then Ireland has been getting increasingly more expensive. The findings, from the statistics agency Eurostat, will put a new focus on the Government's decision not to pay out universal cost-of-living packages in the next budget. Eurostat found that when it comes to alcohol and tobacco, prices here are the most expensive in the EU – more than double the average. Daragh Cassidy, of price comparison site said this is due to taxation and, more recently, minimum unit pricing on alcohol. When it comes to alcohol, prices here are the second-highest in the EU. Finland has the dearest. Food and non-alcoholic drink prices here are the third-highest in the EU at almost 15pc above the EU average. We are behind only Luxembourg and Denmark when it comes to what we pay for food. However, this is an improvement on recent years, as these prices were more than 21pc above average in 2020. Ireland's restaurant and hotel prices are the second-highest in the EU – Denmark's are dearest – at 29pc above the average. Communications costs are almost 40pc above average. Ireland is the third-most-expensive country for electricity, gas and fuel, with prices 17pc above the average. However, clothing prices in Ireland are 1pc below the EU average and cheaper than in Lithuania, Latvia and Poland. Mr Cassidy said Ireland will never be a cheap place to live Non-EU countries Iceland, Norway and Switzerland were also included in the research and generally have prices higher than those in Ireland. Mr Cassidy said we have known for a while that Ireland is an expensive country and these figures from Eurostat confirm that. 'There are several reasons why prices here are so high,' he said. 'These include our higher wages, a lack of competition in certain sectors, high taxation on certain goods such as tobacco, alcohol and fuel, and lower government subsidies in certain areas such as public transport and childcare compared to our European neighbours.' He said businesses are also faced with high insurance and energy costs, which then get passed on to consumers. Mr Cassidy said Ireland will never be a cheap place to live. 'And it's worth noting that many of the world's most expensive countries, such as Switzerland, Iceland and Denmark, also have some of the highest standards of living in the world,' he added. He said wages in Ireland, while high by international standards, generally do not match the salaries in those countries. At the same time, taxpayers in more expensive countries tend to get back more from their governments in terms of better and more affordable healthcare, childcare and public transport, though there have been improvements made here in recent years. Mr Cassidy called for the Government to lower the standard rate of Vat, which at 23pc is one of the highest in the world.
BreakingNews.ie
11 hours ago
- Business
- BreakingNews.ie
Ireland is the second most expensive EU country, figures show
Ireland is the second most expensive country in the European Union — behind only Denmark — with prices just over 38 per cent above the average in the bloc, according to new figures from Eurostat. Data from the EU's statistical agency show that back in 2015 prices in Ireland were 28 per cent above average. Advertisement When it comes to alcohol and tobacco, prices in Ireland are the most expensive in the EU at 205 per cent of the EU average. Much of this is due to Government taxation, and more recently, minimum unit pricing on alcohol. For alcohol alone, prices are the second highest in the EU — after Finland — at almost 198 per cent of the EU average. Food and non-alcoholic drink prices in Ireland are the third highest in the EU, behind Luxembourg and Denmark, at almost 15 per cent above average. However, this is an improvement on recent years, as prices were over 21 per cent above average in 2020. Restaurant and hotel prices are the second highest in the EU, behind only Denmark, at 29 per cent above average. Advertisement Communications costs are almost 40 per cent above average. Ireland is also the third most expensive country for electricity, gas and fuel with prices over 17 per cent above average. Meanwhile, clothing prices are actually 1 per cent below the EU average and cheaper than in Lithuania, Latvia and Poland. Meanwhile, the price of furniture, carpets and flooring is only 6 per cent above average, while the cost of household appliances is 9 per cent higher. Non-EU countries Iceland, Norway and Switzerland were also included in the research and generally have prices higher than Ireland. Daragh Cassidy from price comparison site said the figures confirmed the widespread belief that Ireland is an expensive country. Advertisement "There are several reasons why prices here are so high," he said. "These include: our higher wages, a lack of competition in certain sectors, high taxation on certain goods such as tobacco, alcohol and fuel, and lower government subsidies in certain areas such as public transport and childcare compared to our European neighbours. Business Cost of living in Ireland: How quickly are prices... Read More "Businesses are also faced with high insurance and energy costs, which then get passed on to consumers. "Ireland will never be a cheap place to live. And it's worth noting that many of the world's most expensive countries such as Switzerland, Iceland and Denmark also have some of the highest standards of living in the world. "The problem is that wages in Ireland, while high by international standards, generally don't match the salaries in these countries. At the same time, taxpayers in more expensive countries tend to get back more from the Government in terms of better and more affordable healthcare, childcare and public transport — though there have been welcome improvements made here in Ireland in recent years. Advertisement "At a minimum, the Government should look at measures that are within its control to lower the impact of high prices and the cost of living in Ireland."
Irish Times
13 hours ago
- Business
- Irish Times
Ireland is second most expensive country in Europe, data shows
Ireland is the second most expensive country in Europe with only Danes expected to pay more for a range of goods and services, the latest figures from Eurostat have confirmed. Prices here are much higher than the European average with things worsening over the last decade, the data suggests. Back in 2015, when Ireland was still considered a high-priced country, costs here were 28 per cent above the European average. The new figures suggest that gap has climbed to 38 per cent. When it comes to alcohol and tobacco, prices here are the most expensive and 205 per cent of the average with a significant portion of the price differential due to higher rates of tax and the introduction of minimum unit pricing on alcohol. READ MORE Food and non-alcoholic drink prices in Ireland are third highest in the EU, behind Luxembourg and Denmark/ They are almost 15 per cent higher than the average although this is a slight improvement on recent years. Back in 2020, prices were said to be 21 per cent higher than the European average. Restaurant and hotel prices are the second highest in the EU, behind only Denmark and 29 per cent above average, while communications costs are almost 40 per cent above average. Ireland is also the third most expensive country for electricity, gas and fuel with prices over 17 per cent above the mean. There are some areas when Ireland fares better, with clothes prices 1 per cent cheaper and cheaper than in Lithuania, Latvia and Poland. 'We all know that Ireland is an expensive country and these figures from Eurostat today confirm it,' said Daragh Cassidy of price comparison and switching website 'There are several reasons why prices here are so high. These include: our higher wages, a lack of competition in certain sectors, high taxation on certain goods such as tobacco, alcohol and fuel, and lower government subsidies in certain areas such as public transport and childcare compared to our European neighbours.' He also noted that Irish businesses are also 'faced with high insurance and energy costs, which then get passed on to consumers. 'Ireland will never be a cheap place to live. And it's worth noting that many of the world's most expensive countries such as Switzerland, Iceland and Denmark also have some of the highest standards of living in the world. The problem is that wages in Ireland, while high by international standards, generally don't match the salaries in these countries.' He also pointed out that taxpayers in more expensive countries 'tend to get back more from the Government in terms of better and more affordable healthcare, childcare and public transport'. He said the Government should 'look at measures that are within its control to lower the impact of high prices and the cost of living in Ireland'. He highlighted the 23 per cent standard rate of VAT which is 'among the highest in the world' and said 'repeated failures to properly tackle our compo culture mean many businesses continue to pay astronomical insurance costs, which leads to higher prices for consumers.'
Irish Independent
15 hours ago
- Business
- Irish Independent
Ireland is the second most expensive country in the EU
They show that Ireland is the second most expensive country in the European Union for typical goods and services. Prices here are 38pc above the EU average. We are only behind Denmark when it comes to high prices. Back in 2015 prices were 28pc above average in this country. But since then Ireland has been slowly climbing the 'league of shame' when it comes to the cost of living. The findings from the European statistics agency, Eurostat, will put a new focus on the Government's determination not to pay out universal cost-of-living packages for households in this year's Budget. Eurostat found that when it comes to alcohol and tobacco, prices in Ireland are the most expensive in the EU. They are more than double EU average. Finance expert Daragh Cassidy of price comparison site said this is due to government taxation, and more recently, minimum unit pricing on alcohol. When it comes to alcohol alone, prices here are the second highest in the EU, after Finland. Our prices are almost 198pc of the EU average, or close to double what people are paying in other European countries. Food and non-alcoholic drink prices in Ireland are the third highest in the EU, despite this country being a huge producer of agricultural produce. ADVERTISEMENT We are only behind Luxembourg and Denmark when it comes to food prices. They are almost 15pc above the EU average. However, this is an improvement on recent years, as prices were over 21pc above average in 2020. Restaurant and hotel prices are the second highest in the EU, behind only Denmark, at 29pc above average. Communications costs are almost 40pc above average. And Ireland is also the third most expensive country for electricity, gas and fuel with prices over 17pc above average. In better news, clothing prices are actually 1pc below the EU average and cheaper than in Lithuania, Latvia and Poland. Non-EU countries Iceland, Norway and Switzerland were also included in the research and generally have prices higher than Ireland's. Mr Cassidy of said we have known for a while that Ireland is an expensive country and these figures from Eurostat confirm it. 'There are several reasons why prices here are so high. 'These include: our higher wages, a lack of competition in certain sectors, high taxation on certain goods such as tobacco, alcohol and fuel, and lower government subsidies in certain areas such as public transport and childcare compared to our European neighbours.' He said businesses are also faced with high insurance and energy costs, which then get passed on to consumers. Mr Cassidy said Ireland will never be a cheap place to live. 'And it's worth noting that many of the world's most expensive countries such as Switzerland, Iceland and Denmark also have some of the highest standards of living in the world.' He said that wages in Ireland, while high by international standards, generally don't match the salaries in these countries. At the same time, taxpayers in more expensive countries tend to get back more from the Government in terms of better and more affordable healthcare, childcare and public transport — though there have been welcome improvements made here in Ireland in recent years, Mr Cassidy said. He called for the Government to lower our standard rate of VAT, which at 23pc is one of the highest in the world.
Fibre2Fashion
3 days ago
- Business
- Fibre2Fashion
Euro area's trade surplus estimated at $11.48 bn in Apr 2025
Euro area recorded a trade in goods surplus of €9.9 billion (~$11.48 billion) with the rest of the world in April 2025, down from €13.6 billion in April 2024, according to first estimates by Eurostat. Meanwhile in the same period the European Union (EU) recorded a €7.4 billion (~$8.58 billion) surplus in trade in goods with the rest of the world, down from €12.8 billion in April 2024. Exports of goods totalled €243 billion for euro area, marking a 1.4 per cent decline compared to €246.5 billion in the same month last year. Imports from the rest of the world stood at €233.1 billion, a rise of 0.1 per cent compared with April 2024 €232.9 billion. In April 2025, the euro area balance declined significantly compared to March 2025, with the total surplus dropping from €37.3 billion to €9.9 billion. This decrease was mainly driven by a substantial reduction in the surplus of the chemicals sector, which fell from €42.8 billion to €22.1 billion. Euro area posted a trade surplus of €9.9 billion (~$11.48 billion) in April 2025, down from €13.6 billion in April 2024, while the EU surplus fell to €7.4 billion (~$8.58 billion). Euro area exports totalled €243 billion (â€'1.4 per cent), and imports €233.1 billion (+0.1 per cent). From January to April 2025, euro area exports rose to €1,004.9 billion and EU exports to €908.5 billion (+6.4 per cent). However, when compared to April 2024, the drop of euro area balance appears more moderate (down by €3.7 billion). This year-over-year (YoY) decrease is largely attributable to the lower surplus in the 'machineries & vehicles' sector, which declined from €16.8 billion to €12.8 billion. The deficit of energy products showed a modest improvement of €0.5 billion compared to the same month of the previous year. In January to April 2025, the euro area recorded a surplus of €71 billion, compared with €68.6 billion in January-April 2024. Between January and April 2025, euro area exports of goods to the rest of the world rose to €1,004.9 billion, marking a 5.5 per cent increase compared to the same period in 2024, while imports grew by 5.6 per cent to €933.9 billion. Intra-euro area trade also saw a modest rise, reaching €878.9 billion, up by 0.8 per cent YoY. In April 2025, extra-EU goods exports amounted to €218.2 billion, a decline of 1.9 per cent from €222.4 billion in April 2024. Imports from non-EU countries rose slightly by 0.5 per cent, reaching €210.7 billion compared to €209.7 billion a year earlier. The EU balance declined to €7.4 billion in April 2025, down significantly from €35.5 billion in March 2025. This drop was primarily driven by the contraction of the chemicals sector surplus, which fell from €41.6 billion to €20.4 billion—a reduction of over 50 per cent. However, compared to April 2024, when the total surplus was €12.8 billion, the decrease was more modest, amounting to €5.4 billion. The YoY decline is largely attributable to the balance of the 'machineries & vehicles' sector, which dropped from €21 billion in April 2024 to €15.2 billion in April 2025. In January to April 2025, the EU recorded a surplus of €58.9 billion, compared with €63.7 billion in January-April 2024. From January to April 2025, extra-EU exports of goods increased to €908.5 billion, up 6.4 per cent compared to the same period in 2024. Imports also rose by 7.5 per cent, reaching €849.6 billion. Intra-EU trade climbed to €1,379.5 billion, reflecting a 0.9 per cent rise over January—April 2024. Fibre2Fashion News Desk (SG)
