Research finds households are €1,000 worse off due to inflation

Inflation has resulted in households being on average €1,000 worse off, latest figures from the Central Statistics Office (CSO) 

The median nominal household disposable income in the Survey on Income and Living Conditions (SILC) 2022 was €46,999, an increase of €528 (+1.1%) from the previous year.

Using a base year of 2019 to adjust for inflation, the real median household disposable income in SILC 2022 was €46,076, a decrease of €551 (-1.2%) from the previous year.

This meant that households were actually €1,000 worse off due to inflation.

In SILC 2022, the quintile share ratio stood at 4.0, compared with 3.8 in 2021. This indicates that the total income of the richest 20% was four times that of the poorest 20%.

The at risk of poverty rate was 13.1% in SILC 2022, up from 11.6% in 2021.

If COVID-19 income supports were excluded, the at risk of poverty rate would have been 20.5% in SILC 2022.

In SILC 2022, 5.3% of people were found to be living in consistent poverty, up from 4.0% in 2021.

Commenting on the survey figures published by the Central Statistics Office (CSO), the Children’s Rights Alliance is calling for Budget 2024 to be a Budget to End Child Poverty. 

Tanya Ward, Chief Executive of the Children’s Rights Alliance said: "We know that today, thousands of families across the country are weathering the cost-of-living storm and the findings published today by the CSO put the impact of this crisis into perspective.

"It is deeply concerning to see a rise across the board when it comes to the level of child poverty in Ireland in 2022 and it clearly demonstrates the need for Budget 2024 to go further to support children and families most in need".