Consumers paid an extra 45c for 2L of full-fat milk and 68c more for a pound of butter at the checkout in March compared to what they would have paid a year earlier, according to the Central Statistics Office (CSO).
Prices for consumer goods and services last month increased overall by 7.7% compared with corresponding prices for the same month in 2022, the CSO said today (Thursday, April 13).
The latest Consumer Price Index (CPI) from the CSO highlights that prices have been increasing in Ireland on an annual basis since April 2021.
The CSO said inflation of 5% or more has been recorded every month since October 2021.
The CPI shows that consumers were hardest hit in the 12 months to March 2023 when it came to paying for housing, water, electricity, gas and other fuels – which jumped by 20.8% – and also food and non-alcoholic beverages which increased by 13.1%.
Anthony Dawson, a statistician with the CSO said: “The national average price of a number of items rose in March 2023.
“There were price increases for an 800g loaf of white/brown sliced pan (+25c), 2L of full fat milk (+45c), and a pound of butter (+68c) when compared with March 2022.”
According to the CSO, the price paid by consumers for fresh whole milk rose by 24.3% in the 12 months to March 2023, while the price for fresh low-fat milk increased by 17.9%.
The price of a range of other products also showed a significant increase compared to prices paid in March 2022.
This included sugar, which increased by 36.8%, frozen fish, which jumped by 26.9%, butter, which increased by 21.0% and eggs, which also rose by 20.0%.
But some farm organisations have questioned why consumer prices are continuing to rise while the price paid at farmgate is falling.
Pat McCormack, president of the Irish Creamery Milk Suppliers’ Association (ICMSA), has described cuts in the milk price to farmers since the start of the year as “absolutely horrendous” and said “hard questions need to be asked and answered”.
He believes the “margin is there in the market and in the supply chain – the consumer prices and inflation rates prove it”.