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Ireland: EU's Most Expensive Nation?
21 Jun
Summary
- Ireland is the second most expensive country in the EU.
- Housing and health costs are the highest in the EU.
- Alcohol and tobacco prices are more than double the EU average.
Ireland has been identified as the second most expensive country within the European Union, with its goods and services priced 36% higher than the EU average. This places the nation just behind Denmark in a 'high-costs league.' New figures from Eurostat highlight that Ireland leads the EU in housing and health costs, which are notably higher than elsewhere.
Furthermore, alcohol and tobacco products in Ireland are priced at more than double the EU average. Experts point to specific taxes, such as minimum unit pricing on alcohol, as significant contributors to these elevated prices. Health costs, specifically GP services and prescriptions, are 85% above the European average, with many other EU nations offering free GP access.
Housing costs, encompassing utilities like electricity, gas, and water, are nearly double the EU average, largely due to the highest electricity prices in Europe and escalating rents. Food and non-alcoholic beverages are also more expensive, ranking third highest in the EU at 16% above average. Factors contributing to these widespread high prices include higher wages, limited competition, a high standard VAT rate, and lower government subsidies.
