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Budget energy supports update as Finance Minister gives timeline

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Nw figures published by the Central Statistics Office (CSO) on Friday show that energy prices decreased by 1.3% over the 12 months to July 2023.

Finance Minister Michael McGrath has indicated that there will be further energy supports in the budget but insisted that energy companies must also bring their prices down.

“We know that energy costs remain really high. We have seen a dramatic reduction in the wholesale prices, but we haven't yet really seen the pass through of that to households. He continued: “We have to take into account where we are at with inflation. It is falling and it is much lower than it was last year, for example.

“But I do think we will, and we need to see some reduction, reflecting the improved market conditions.”

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