PRICE YIKES

Rampant inflation sees families hit in pocket by €1,000 as mortgage rates and groceries RISE as well

IRISH families are now €1,000 worse off per year thanks to rampant inflation, new Central Statistics Office figures revealed yesterday.

And some 30,000 mortgage customers of vulture fund Pepper Finance were dealt another bitter blow when they learnt that their interest rates are being hiked again - to as high as eight per cent in some cases.

This followed a series of base rate hikes from the European Central Bank over the last eight months that have led to most banks following suit with their rates.

This has heaped misery on Irish homeowners with the seemingly small interest rate increases having massive impacts on monthly repayments.

And it is further bad news for everyone filling a weekly shopping basket as it was also revealed yesterday that one of the largest grocery suppliers in the country, Musgraves home to Centra and SuperValu - is increasing prices on many staples from March 6.

The research from the statisticians at the CSO was released just two days after the Government unveiled its latest cost of living supports package.

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