Industry & Business

Brexit Price Increases Could Affect Poorer Households Most

 Breaking News
  • Irish Distillers Launches ‘A Story of Irish Whiskey’ Podcast Series Irish Distillers, Ireland’s leading supplier of spirits and wines and producer of some of the world’s most well-known and successful Irish whiskeys, has launched its first podcast, ‘A Story of Irish Whiskey’. Produced by Last Cast Media, the five-part series is a story of coming together, sharing, conquering markets and how three families, competitors for [...]...
  • Over 150,000 Jobs Created Outside of Dublin Since 2016 Labour Force Survey (LFS) data published by the Central Statistics Office show a continued momentum in Ireland’s labour market, with 79,800 jobs created in the year to Q1 2019. There were 2,316,100 people employed in Ireland in the first quarter of 2019, a 3.6 per cent increase on the same quarter of 2018. This consistent [...]...
  • Belfast Harbour Awards Largest Ever Contract to Local Construction Company At £50 million, City Quays 3, which will accommodate 1,800 people, represents Belfast Harbour’s largest development project to date and is the latest component of its very successful City Quays waterfront scheme which is already home to 1,100 office workers. The City Quays 3 development will provide another significant opportunity to offer world class office [...]...
  • Cork Agtech Company Partners With Inmarsat to Save Bees and Increase Global Crop Production Inmarsat, the world leader in global, mobile satellite communications has announced a new partnership with ApisProtect, an Irish agritech innovator, which deploys the Internet of Things (IoT) technology to monitor the health of honey bees. This collaboration aims to develop a globally scalable IoT solution for connected apiaries, to help stem the significant decline of bee [...]...
  • Call For Sustainable Energy Leaders to Enter SEAI Energy Awards 2019 The Sustainable Energy Authority of Ireland (SEAI) is looking for leaders in energy efficiency and renewable energy to enter this year’s SEAI Energy Awards. Now in their 16th year, the SEAI Energy Awards recognise and reward excellence in sustainable energy. Businesses, public bodies and communities who are using smart energy solutions and practices are encouraged to [...]...

Brexit Price Increases Could Affect Poorer Households Most

Brexit Price Increases Could Affect Poorer Households Most
March 22
12:12 2018

A hard Brexit would increase the cost of living for all households in Ireland by 2 per cent to 3.1 per cent – an annual increase of €892 to €1,360 per household, according to the Competition and Consumer Protection Commission. Costs would rise the most for lower-income households. These households spend a greater share of household expenditure on food products, many of which are imported from the UK and would be subject to tariffs.

Households with the lowest incomes would face a 4 per cent price increase in the highest-impact scenario. Households in the highest-income group would face a 2.4 per cent price increase. The percentage increase faced by the poorest households would be 70 per cent more than the percentage increase faced by the wealthiest households.

The study was commissioned by the Competition and Consumer Protection Commission and examines the shares of imported products from the UK in household spending and estimates effects of a hard Brexit scenario, incorporating tariffs and other increases in costs of trade between the EU and UK.

One of the report’s authors, Martina Lawless, commented: “As Ireland imports a considerable amount of food products from the UK, a hard Brexit could have an immediate impact on the cost of living. Unfortunately, we find that this impact would likely fall disproportionately on lower-income households.”

The study used a number of Brexit scenarios to examine the price increase of a range of imported goods. It found that if tariffs were introduced and other trade cost also increase following a hard Brexit, the price of bread and cereals could rise by up to 30 per cent, while milk, cheese and eggs prices could increase by 46 per cent.

These estimates do not take into account of switching of products or changes in expenditure patterns in response to the cost increases. For this reason, they are likely to reflect the maximum increase in the cost of living.

About Author

admin

admin

Related Articles

New Subscriber

Subscribe Here



Advertisements






















National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4