People Before Profit has warned that people are facing a new price hike on electricity, gas and mortgages, which will see inflation rise above the already high 7%.
The party’s Galway representative Adrian Curran pointed out that the French government has limited increases in electricity prices to 4%.
He said that there is no reason why Irish government could not impose similar price controls.
“SSE Airtricity has increased electricity prices by 24% from May 1, affecting 250,000 customers. It will add another €338 to their annual household bill,” said Mr Curran.
“Gas is also going up again as Russia threatens to cut off Europe from supplies. Since 2020, gas prices have already risen by 80%.”
He said that the Central Bank is due to increase interest rates which will lead to an estimated €1,000 extra per year in re-payments for many.
“Meanwhile, this government does nothing,” he said.
As well as limiting increases in electricity prices, Curran said the government could also order banks to reduce the high mortgage rates that Irish homeowners already pay.
“They could also reverse policies that have put profiteering ahead of the needs of people. We need to mobilise to demand action. People Before Profit are fully supporting the Cost of Living Coalition protests on June 18th.”