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Thursday, June 30, 2022

Nearly 30% of Irish households live in 'energy poverty'

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Dublin, June 17 (Ajit Weekly News) Recent energy inflation has increased the estimated share of households in “energy poverty” to 29 per cent in Ireland, according to a research institute.

Energy poverty is defined as households spending more than 10 per cent of their net income on energy excluding motor fuel, Xinhua news agency quoted the Dublin-based Economic & Social Research Institute (ESRI) as saying in a report.

The figure is above the previous record of 23 per cent in 1994/95, the ESRI added.

Energy inflation from January 2021 to April 2022 increased the cost of Irish households’ consumption by 21.27 euros ($22) per week, said ESRI, adding that the figure rises to 38.63 euros per week when motor fuel is included.

According to the report, a further 25 per cent increase in energy prices will push 43 per cent of Irish households into energy poverty.

ESRI is an independent organisation providing support for policy-making process in Ireland.

Ireland’s annual inflation rate in May hit a record 7.8 per cent in almost 38 years largely due to soaring energy prices, according to the country’s Central Statistics Office.

In May, electricity and gas prices in Ireland were 40.9 per cent and 57.1 per cent higher respectively compared with a year ago, while diesel and petrol prices increased by 41.6 per cent and 25.9 per cent on a yearly basis respectively, it said.

–Ajit Weekly News
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