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Price hikes on fuel, alcohol, streaming services and more on the way despite inflation rate slowdown

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Summary

Despite a slowdown in the rate of inflation, consumers have been warned to brace for price hikes on fuel, alcohol, streaming services, and other goods and services. Petrol and diesel prices are set to rise in September and October due to the restoration of excise duty, while streaming services such as Spotify and Netflix are increasing subscription prices and airfares are up over 34%. Grocery prices have gone up 15% in the past 12 weeks and may further increase due to Russia’s decision not to extend the Ukraine grain deal. Home heating fuel prices are also expected to rise due to the carbon tax increase in October.

Q&As

What goods and services are expected to increase in price?
The goods and services expected to increase in price are petrol and diesel, alcohol, streaming services, transport services, airfares, and grocery prices.

What are the current domestic gas and electricity prices?
The current domestic gas and electricity prices are at record highs.

What is the impact of the restoration of fuel excise duty on petrol and diesel?
The restoration of fuel excise duty on petrol and diesel will add 15c to a litre of petrol and 11c to diesel.

What is the impact of the carbon tax increase on home heating fuels?
The carbon tax increase on home heating fuels will add around €17 to the average annual gas bill and around €19 to the fill of a 900-litre oil tank.

What is the estimated cost of price rises for consumers?
The estimated cost of price rises for consumers is over €200 a year for fuel costs, €120 a year for music and movie-lovers, €130 in total in carbon tax on their gas costs, and €142 in total for their oil.

AI Comments

👍 This article provides an insightful look into the current price hikes taking place, and the predicted effects on consumers.

👎 This article fails to mention any solutions or strategies for consumers to combat the rising prices.

AI Discussion

Me: It's about how prices on fuel, alcohol, streaming services, and more are set to rise despite the slowdown of inflation rates. It looks like we are going to be hit with price hikes in a lot of areas.

Friend: That's not good news. It looks like our budgets are going to be stretched even further.

Me: Yeah, it's really concerning. Plus, with the increase in the carbon tax, it looks like our electricity and gas bills are going to go up even more. It's going to be really tough for people who are already struggling financially.

Friend: It's really unfair that people are going to be hit with these price hikes when they are already struggling to make ends meet. It's going to be really hard for people to keep up with these rising costs.

Action items

Research ways to reduce your monthly expenses, such as switching to a cheaper streaming service or carpooling to work.
Consider investing in energy-efficient appliances and home upgrades to reduce your energy costs.
Look into ways to save money on fuel costs, such as carpooling or using public transportation.

Technical terms

Excise Duty: A tax imposed on certain goods and services produced or sold within a country.
Inflation: A sustained increase in the general price level of goods and services in an economy over a period of time.
Consumer Prices: The prices of goods and services that are purchased by consumers.
Disposable Income: The amount of money that a person has available to spend after taxes and other deductions have been taken out of their salary.
Carbon Tax: A tax imposed on the production, distribution, or use of fossil fuels based on how much carbon dioxide they produce when burned.
Bonkers.ie: A price comparison website in Ireland.
Staple Items: Basic food items that are consumed regularly.
Ultra-Cheap Travel: Travel that is very inexpensive.