The Republic of Ireland is the fifth most expensive country in the EU, with consumers paying 17% more than the EU average, accruing to a new Central Statistics Office (CSO) report.
The CSO Measuring Ireland's Progress 2011 report published on Wednesday (10th October), found that only Denmark, Sweden, Finland and Luxembourg had higher consumer prices than Ireland last year.
However, as a result of low inflation its relative expensiveness has improved since the start of the recession in 2008, when it had the second highest prices in the EU at 30% above average.
Ireland also came fifth highest in the EU for its unemployment rate last year. It had the highest percentage of adults living in jobless households in the EU, at 15.8% compared with the EU average of 11.1%.
The productivity of the Irish workforce (GDP per person employed) was above the EU average, the report found. Ireland’s GDP per capita was the fourth highest in the EU at 27% above average.
Ireland also fared well in terms of educational achievements with the third highest level of third level completion in the EU. Some 46% of the population in the 25-34 age group have completed third level.