Rising cost of living is being felt particularly keenly when it comes to supermarket shopping
The surge in the cost of groceries is seen as the main reason people go to supermarkets so frequently.
TDs claimed in the Dáil last week that many families have been hit with a €3,000 rise in the annual cost of groceries.
The cost of food and other items bought for the kitchen are rising at twice the rate of general inflation.
This has left people reeling from “sticker-price shock” as inflation eats away at consumer confidence, according to the latest Credit Union Consumer Sentiment Index.
Food prices, in particular, are shooting up.
Some meat prices are up 22pc in the past year alone, with the price of butter up by 30pc in a year.
Food and non-alcoholic beverage prices are rising at more than twice the level of general inflation, up by 4.6pc in the year.
The cost of a pound of butter is now up by €1.10 in the year.
Irish cheddar cheese is almost €1 dearer per kilogram, with two litres of full-fat milk up by 27c.
People are grocery shopping more frequently to better manage budgets, reduce waste, or shop fresh
The cost of striploin steak is up more than €5 per kilogram (22.5pc) in the past year to €28.63.
Even cheaper cuts of meat have jumped in price. Diced beef is now €13.26 per kilo, an increase of €2.42 in a year. This works out as a surge of 22pc.
University College Cork economist Oliver Browne has estimated that grocery prices are up more than a third in the last four years.
The grocery shopping research was commissioned by the State’s newest bank, Avant Money, and carried out by Empathy Research.
Avant’s head of consumer finance, Daniel Pelluz, said people are shopping more often as a way to cope with rising prices.
“People are grocery shopping more frequently to better manage budgets, reduce waste, or shop fresh.”
Mr Pelluz was commenting after Avant Money launched a new credit card that gives money back on everyday purchases, including a sizeable chunk on grocery shopping.
The Everyday+ credit card gives 5pc cashback on grocery shopping for the first 12 months, up to €25 a month. That means shoppers can earn up to €300 in the first year.
Additional cashback is available on other retail spends.
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