Will the Cost of Living go down, and when will it happen?
As part of our ongoing efforts to support you through the Cost of Living crisis, we are continuing to monitor the economy to help keep you up to date.
The rising Cost of Living in Ireland is affecting us all, with many finding themselves under financial pressure.
At AIB, we understand that budgets are tighter than ever. As inflation rises faster than our income can keep up with, ‘real wages’ are down, and we are all living with less expendable income. This affects the cost of everything, from a loaf of bread to our home energy bills and our ability to afford these items when the prices increase.
How are we helping to support you through the rising Cost of Living?
We've developed our Cost of Living support centre with guides on planning, budgeting, money management and financial support to help you stay on top of everyday spending, cut back where you can, and take greater control of your finances.
Will the Cost of Living decrease?
While a number of analysts and economists will have opinions on when or if the Cost of Living will fall, it’s hard to pinpoint when this is likely to happen.
This is because there are a number of factors which have caused inflation to rise, including:
● The impact of COVID 19 on global economies and supply chains.
● Global conflict reducing the availability of fuel.
● At the same time, a worldwide demand for fuel and energy.
There is, however, hope for the future. Inflation rates have slowed and are beginning to decrease since the beginning of 2023, and look like they will continue to decrease throughout the year.
Likewise, supply chains worldwide are beginning to stabilise again and should continue to improve into 2024.
In the meantime, we are on hand to support you and help you stay on top of the changing economic trends
Supporting our customers when they need it most
We understand that the coming months won’t be easy for many Irish households. Whether it’s in-app, over the phone or in person at one of our branches, we are on hand to support you.
If you think you’re at risk of getting into financial difficulty, speak to us today and see how we can help you.
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