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

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Restoration of excise duty on petrol and diesel in September and October will raise prices

Charlie Weston

Consumers have been warned to brace for another raft of price hikes despite an easing off in the rate of inflation.

Among the goods and services set to rise in price are the cost of petrol and diesel, alcohol, streaming services and transport services.

It comes at a time when domestic gas and electricity prices remain at record highs with only a small reduction in prices expected over the coming months.

The continuing price surge is despite the latest inflation figures from the Central Statistics Office showing consumer prices rose at a rate of 6.1pc in June, down from 9.2pc in October.

Experts said this means the rate of increase in prices has eased but they are still rising, just not as fast as they were.

Chairman of the Consumers’ Association Michael Kilcoyne said the ongoing squeeze on disposable income means the Government will have to announce a large programme of financial assistance for consumers in the Budget.

Price-rise hits are coming thick and fast.

Read more

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Spotify has announced it is hiking the cost of its individual and duo plans by €1 a month to €10.99 and €14.99 respectively.

And Netflix is clamping down on password sharing, meaning many will have to fork out for their own subscription starting from €8.99 a month.

This means some music and movie-lovers may need to fork out an extra €120 a year, according to calculations by price comparison site Bonkers.ie.

From tomorrow, Bus Eireann will hike the price of its Expressway coach services by 5pc.

Petrol and diesel prices have remained steady this month as the fuel market stabilises.

But motorists have been warned that the restoration of the full rate of excise duty on petrol and diesel in September and October will add 15c to a litre of petrol and 11c to diesel.

There will also be a €7.50 increase in the carbon tax in the October Budget which will add around another 2c to petrol and diesel.

This will add over €200 a year to the average driver’s fuel costs, Bonkers.ie said.

Drinks giant Diageo will push through another 4c increase in the price of Guinness, as well as its other brands Carlsberg and Smithwick’s, from August 14. This comes on the back of a 12c hike in February.

Daragh Cassidy of Bonkers.ie said the carbon tax increase will also add around €17 to the average annual gas bill and around €19 to the fill of a 900-litre oil tank.

No €1,000 tax cut for middle-income earners in Budget tax strategy

This means households will soon be paying around €130 in total in carbon tax on their gas costs and around €142 in total for their oil.

The implementation of the carbon tax increase on home heating fuels may be spared until next May though.

Grocery prices rose by almost 15pc in the 12 weeks to July 9, according to consultants Kantar – more than twice the general rate of inflation.

And Russia’s recent decision not to extend the Ukraine grain deal has stoked worries about global food supply chains and prices once again.

Mr Cassidy said: “This will likely lead to higher prices for staple items such as bread, cereals and pasta over the coming months.”

Airfares are up over 34pc compared with last year. Mr Cassidy said it appears the era of ultra-cheap travel is over – for good potentially.

Independent economist Austin Hughes said what had been expected to be temporary shock is turning into permanent price rises, and this is pushing a lot of people to the edge financially.

Read more

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Rate rises tighten squeeze on mortgage borrowers, but ‘green’ rates are stable

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Charlie Weston

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Home >. Business >. Personal Finance. Restoration of excise duty on petrol and diesel in September and October will raise prices. Charlie Weston. Consumers have been warned to brace for another raft of price hikes despite an easing off in the rate of inflation. Among the goods and services set to rise in price are the cost of petrol and diesel, alcohol, streaming services and transport services. It comes at a time when domestic gas and electricity prices remain at record highs with only a small reduction in prices expected over the coming months. The continuing price surge is despite the latest inflation figures from the Central Statistics Office showing consumer prices rose at a rate of 6.1pc in June, down from 9.2pc in October. Experts said this means the rate of increase in prices has eased but they are still rising, just not as fast as they were. Chairman of the Consumers’ Association Michael Kilcoyne said the ongoing squeeze on disposable income means the Government will have to announce a large programme of financial assistance for consumers in the Budget. Price-rise hits are coming thick and fast. Read more. Rate rises tighten squeeze on mortgage borrowers, but ‘green’ rates are stable. New hike in rates charged on vulture fund mortgages. Shane Ross: Leo is floundering so the guardians of the nation’s purse strings should beware of landmines ahead. Spotify has announced it is hiking the cost of its individual and duo plans by €1 a month to €10.99 and €14.99 respectively. And Netflix is clamping down on password sharing, meaning many will have to fork out for their own subscription starting from €8.99 a month. This means some music and movie-lovers may need to fork out an extra €120 a year, according to calculations by price comparison site Bonkers.ie. From tomorrow, Bus Eireann will hike the price of its Expressway coach services by 5pc. Petrol and diesel prices have remained steady this month as the fuel market stabilises. But motorists have been warned that the restoration of the full rate of excise duty on petrol and diesel in September and October will add 15c to a litre of petrol and 11c to diesel. There will also be a €7.50 increase in the carbon tax in the October Budget which will add around another 2c to petrol and diesel. This will add over €200 a year to the average driver’s fuel costs, Bonkers.ie said. Drinks giant Diageo will push through another 4c increase in the price of Guinness, as well as its other brands Carlsberg and Smithwick’s, from August 14. This comes on the back of a 12c hike in February. Daragh Cassidy of Bonkers.ie said the carbon tax increase will also add around €17 to the average annual gas bill and around €19 to the fill of a 900-litre oil tank. No €1,000 tax cut for middle-income earners in Budget tax strategy. This means households will soon be paying around €130 in total in carbon tax on their gas costs and around €142 in total for their oil. The implementation of the carbon tax increase on home heating fuels may be spared until next May though. Grocery prices rose by almost 15pc in the 12 weeks to July 9, according to consultants Kantar – more than twice the general rate of inflation. And Russia’s recent decision not to extend the Ukraine grain deal has stoked worries about global food supply chains and prices once again. Mr Cassidy said: “This will likely lead to higher prices for staple items such as bread, cereals and pasta over the coming months.” Airfares are up over 34pc compared with last year. Mr Cassidy said it appears the era of ultra-cheap travel is over – for good potentially. Independent economist Austin Hughes said what had been expected to be temporary shock is turning into permanent price rises, and this is pushing a lot of people to the edge financially. Read more. ‘30pc cheaper rates’ promised – Revolut car insurance launches in Ireland today with a quote taking just ‘minutes’ on the app. Rate rises tighten squeeze on mortgage borrowers, but ‘green’ rates are stable. New hike in rates charged on vulture fund mortgages. Shane Ross: Leo is floundering so the guardians of the nation’s purse strings should beware of landmines ahead. Related topics. Charlie Weston. Netflix. Spotify. Latest Personal Finance. Call on lawyers and judges to get behind moves to discourage ‘slip and trip’ claims. Sinead Ryan: Fast fashion is a scourge – I’m not replacing any clothes after wardrobe clear-out. ‘30pc cheaper rates’ promised – Revolut car insurance launches in Ireland today with a quote taking just ‘minutes’ on the app. How green home upgrades can help save thousands on mortgage costs. Are buy now, pay later loans too good to be true? Is it safe for my daughter to buy Taylor Swift tickets via social media? Central Bank concerned over use of cryptocurrencies. My Money: ‘I was so broke I borrowed IR£500 from the bank for a two week holiday in Greece’ How to make your pension stretch by retiring abroad. Show more. Top Stories. Health Features Ask Allison: My sibling is jealous that I’m so close to our mum and says it’s ruining the family dynamic. Are they right? Analysis Darragh McManus: Luring Pat Kenny from RTE was a risky move by Newstalk – a decade later, has it paid off? Irish News ‘It's a very heavy spot, but it'll take more than that to keep us down’ – US tourist Stephen Termini’s sons visit Talbot Street, where father was attacked. Irish News Family forced to flee their home as neighbours scream abuse at disabled schoolgirl. Latest News More. Personal Finance Call on lawyers and judges to get behind moves to discourage ‘slip and trip’ claims 12:03. World News Record set for world's longest slackline walk 11:55. Personal Finance Sinead Ryan: Fast fashion is a scourge – I’m not replacing any clothes after wardrobe clear-out 11:29. Irish News Family forced to flee their home as neighbours scream abuse at disabled schoolgirl 11:27. Irish News Lord Mayor to meet Gardai over Cork protests which saw library shut at weekend 11:25. League of Ireland Bohs boss Declan Devine hails ‘special’ Jonathan Afolabi 11:21. International Soccer Live  | Ireland v Nigeria, Women's World Cup: Heather Payne wins fitness race to start final game 10:54. World News British man who killed terminally ill wife in Cyprus freed after two years in custody 10:53. Politics ‘My husband is a Sinn Fein member, and I am absolutely not a republican’: Alliance’s newest MLA 10:50. Premier League Manchester United end US tour with disappointing defeat 10:43. Top Stories More. Crime Kinahan cartel member’s wife dreams of converting luxury Malaga villa into five-star hotel over. Personal Finance Price hikes on fuel, alcohol, streaming services and more on the way despite inflation rate slowdown. International Soccer Live  | Ireland v Nigeria, Women's World Cup: Heather Payne wins fitness race to start final game. Comment Fionnan Sheahan: From hunter to hunted - how RTE board handled Ryan Tubridy comes into focus. Irish News ‘It’s a nightmare I’m looking forward to’ – PJ Gallagher to go into ‘labour’ live on air as twins due ‘any day now’ Most Read Personal Finance. Personal Finance Price hikes on fuel, alcohol, streaming services and more on the way despite inflation rate slowdown. Personal Finance My Money: ‘I was so broke I borrowed IR£500 from the bank for a two week holiday in Greece’ Personal Finance How to make your pension stretch by retiring abroad. Personal Finance How green home upgrades can help save thousands on mortgage costs. Personal Finance ‘30pc cheaper rates’ promised – Revolut car insurance launches in Ireland today with a quote taking just ‘minutes’ on the app. The Indo Daily More Episodes. The Indo Daily: A cabal, a shaman and a former US president - The rise of Qanon.