Will the cost of living crisis have a larger impact than Covid in Northern Ireland?

The majority of people in Northern Ireland are seeing their energy bills increase.

Gas, oil, electricity are much more expensive than they were this time last year and all the indicators show the cost of living crisis hasn't yet peaked.

With inflation currently sitting at around 10%, some believe it could go as high as 20% in the new year.

Volatility in the markets was put in stark focus on Monday morning.

Wholesale gas prices skyrocketed by 30% after Russia shut off supplies into Germany.

That will eventually filter down to consumers who have already had a series of price hikes over the spring and summer.

However, with little need for heat during hotter weather, most at home are yet to fully feel those price increases.

Much of the focus has been on the domestic market, but businesses are facing crippling costs.

Small and medium enterprises are set to feel the pinch much sooner than large corporations.

These smaller businesses depleted their fund during Covid.

They did so in the belief they were coming out of the pandemic into an economic boom.

Instead their bills are eating into the little reserves they have left.

During Covid there were a series of measures put in place to help businesses.

Furlough was the largest and most expensive.

With many businesses already pulling the shutters down, some are already calling for Furlough 2.0 to stop mass unemployment.


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