July inflation numbers are out, and for the canny saver, it could be worse.  With the summer sales, prices remained flat.

But it’s a strange world where watching your money tread water is a good result.  At Moneycube, we believe more people should think about investing their savings for growth.

One big reason for that is that it is almost impossible now to make any money by leaving it on deposit in the bank.

And things are getting worse.  So far this year, AIB, EBS, KBC, Bank of Ireland and Ulster Bank have all cut the interest they pay on deposit accounts, according to bonkers.ie.

On top of that, the best payer, the (weirdly named) Nationwide UK Ireland, has pulled out of the market.

Deposit rates are near-zero levels.

And so is inflation, according to the July inflation figures from the Consumer Price Index.

Zero percent?  The sounds like my bank account

Really?  Yep – it’s sales season.  Clothing and footwear prices were down 6.7% compared to June.

And it seems the cost of buying a car is also on the way down, with car prices down 0.4% in the month, and 3.6% in the last year, according to the Central Statistics Office (CSO).

Mind your house

But it mightn’t feel so sunny when housing costs are counted.  Private rental costs are showing up 7.3% in the year.

And while the Consumer Price Index doesn’t track housing (just rents and mortgages), separate info from the CSO last week showed an annual rise of 11.6% in the year to June.  In the south-east of the country, rises of 16.7% were recorded!

The Moneycube inflation eater shows the impact inflation is having on your savings.  It’s updated each month, once the Consumer Price Index is published by the CSO.


Tired of watching inflation eat into your savings?  Get started with Moneycube today

By investing €400 a month you could save €27,900 in 5 years

Using our "Picture your money" tool, you can find out how your money could work for you.

Start now It only takes a minute to get started

Note: This is an initial indication to help you picture your money. Remember that with investments it is not possible to know for certain what returns you will achieve. Please note the investment warnings at the bottom of the page. This is the approximate before-tax return on an investment which grew at 6% over 5 years.


Should you be doing more with your money? Our free ebook guides you through your investment options and shows you how to avoid the investing pitfalls that could derail your finances.



How to get started investing in Ireland