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Neil Gibson, chief economist with EY Ireland, warns some people won’t be able to keep up with price rises in food, fuel and housing. Photograph: iStock
It was supposed to be temporary but as we head into 2022, inflation – a bit like Covid-19 perhaps, only not as malignant – has become that unwelcome guest that is lingering that little bit too long.
Latest figures from the Central Statistics Office show that prices rose by 5.4 per cent in the year to November 2021 – the largest annual change in prices since June 2001. It’s a trend seen across the western world, with recent data from UK think tank, the Resolution Foundation, finding that households are set to face annual increase of about £1,200 (€1,437) in their cost of living due to inflation.
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