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Inflation at 9.1% August 11, 2022

Posted by WorldbyStorm in Uncategorized.
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Talking to a friend today they made the point that the cost of living crisis is sort of conspicuous by its absence in terms of political profile – there’s not much mobilisation around the issue, at least as of yet, in their view.

Perhaps they’re wrong and there’s considerable activity around this – but looking at the political reporting on RTÉ or the IT and elsewhere what is noticeable is how few stories there are. The old, and incorrect trope, about politics stopping when the Dáil goes into Summer recess has always been problematic. Because politics continues unabated. But what concrete actions are taken? Is there a sense that to some extent political activity is being psychologically subcontracted out by citizens – or a good portion of them – to a future SF government? Well given that’s still two years or more away that’s an aspiration, not a certainty. Or is it the aftermath of two very very difficult years with the pandemic and a sense that soon but not now there will be activism?

Just by contrast the issue seems to have a higher profile politically in the UK – by way of the Tory leadership contest – though that shows up how useless the candidates and the proscriptions are.

Still, it’s curious given that the latest figures released by the CSO show that we are at 9.1% which is the highest rate of inflation in 38 years. Consider that that means 1984 was the last time it was this high. 1984. I can barely remember 1984 and for the many people born after it’s just a number and a novel.

But this isn’t a small thing. This level of inflation has significant impacts on people – look at where they fall:

Today’s CSO figures show that July saw higher rents and mortgage interest repayments as well as an increase in the cost of home heating oil, electricity, gas and solid fuels.

Transport costs also increased by 19.4% mainly due to a rise in prices for diesel, petrol, cars and air fares, but this increase was partially offset by lower prices for passenger transport by bus, coach and train.

And:

Prices for food and non-alcoholic drinks rose by 7.7% last month with increases in the prices of meat, bread, cereals and milk, and cheese and eggs. Hotel prices took a 7.3% leap last month and are 22% higher than last year.

And how’s this for eye-watering?

The CSO said today that prices for electricity were up 40% on an annual basis, while gas prices rose by 56.6%, home heating oil jumped by 91.9% and solid fuels were up 31.8%.

And:

Meanwhile, the cost of diesel soared by 44.8%, while petrol prices increased by 35.4%, and the price of cars increased by 11.5%. Airfares were also 47.8% more expensive last month compared to the same time last year.

Surely those rises cover everyone, or near enough, everyone in the state? That’s a lot of anxiety and misery for a lot of people. And it is immediate and in and of itself will have long term implications. 

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