The CSO found that food and non-alcoholic beverages prices have gone up by 15.4% in the past three years, with alcohol and tobacco prices increasing by 18.4%.
With many Irish families struggling to meet ends meet due to the rising cost of living, a shop that would have cost €100 in 2021, will now set you back €115.
Despite Lidl cutting the prices of 248 items in January after already doing so for over 600 products in the final three months of 2023, the German retailer’s prices will not return to the days before COVID.
‘There is no reason to believe that won’t continue into the months ahead. But that doesn’t mean food is going to be back to the price it was at in 2020.
‘There are systemic increases – whether that be in the cost of people, the cost energy, the cost of freight – that are not going to go back to the levels they were at. But thankfully we’re not going to see increases of the scale that we’ve seen over the last couple of years,’ Lidl Ireland chief executive John Paul Scally said
The CSO found that while popular everyday products such as milk and butter have fall in price, potatoes and cheddar cheese were still on the up in December.
Price inflation for major shop chains fell for the ninth month row in a row in January, beginning the year with a 5.9% decrease in a much-needed boost for consumers.
Meanwhile, farmers have expressed their frustrations at supermarkets over the cutting of milk prices as it directly effects their livelihood.
Lidl Ireland’s chief executive pointed out that real world events, such as COVID and attacks in the Red Sea, impacts the price of its items.
‘There are geopolitical impacts every day of the week that have an impact on the cost. It’s about being close to that, understanding where those impacts are, and about being sure that as soon as there is any reduction coming or foreseen, that we are able to pass those on to customers straight away,’ Mr Scally said.