Will price hikes continue? - C103 FM
Even as inflation continues to fall, the outlook for consumer prices is mixed. But are further price hikes on the way for Irish households?
Daragh Cassidy, Head of Communication at bonkers.ie, appeared on C103 FM to discuss the situation.
Listen to the interview above or look at the main points discussed below.
Main points from the interview:
- The PSO levy has again been set to zero for the coming year, so will not add to anyone's current energy bill.
- The PSO levy is designed to subsidise renewable energy producers, but due to the sky-high prices those generators have been receiving, they do not need additional subsidisation.
- The introduction of the carbon tax will increase the average gas bill by €17 a year, adding further strain on households. It will also add 2 cents to a litre of fuel at the pump.
- The restoration of the fuel excise duty will add a further 15 cent to a litre of petrol, and 11 cent to a litre of diesel.
- The end of the Ukraine Grain Deal will also add pressure to consumer prices for goods like bread and other cereals.
- There has been no movement on gas and electricity prices, although we may see a reduction of 10% to 20% over the coming weeks. However, to return to original levels, they would need to fall by nearly 60%.
- Energy switching discounts are not as high as they used to be, but it is still possible to avail of a 10% discount on your yearly bill by switching.
- New customers often receive the best deals, so switching across all your household bills is strongly recommended.
- With mortgage rates going up, if you are on a tracker, variable or soon to expire fixed rate, you should be looking to switch, or else budget for higher repayments.
Switch to a cheaper energy deal today
It’s quick and easy to compare deals and switch gas and electricity providers on bonkers.ie.
If you’re seeking advice when it comes to switching supplier, make sure you check out our energy Quickstart Guide here.
Our guide will equip you with all you need to know to make the switch and cut the cost of your gas and electricity bills.