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Editorial: Even short term hikes are tough

Rising mortgage, petrol and food costs are set to cause more financial hardship to householders who are already stretched beyond their means.

The triple hikes could not have come at a worse time for so many people who cannot afford to pay the bills.

Today we learn that filling stations that have already hiked prices to over €1.50 could raise them further in the coming days, while experts say that Irish consumers will not escape the impact of massive worldwide food price hikes.

It is alarming news for homeowners who have been bracing themselves for three possible interest rate increases this year.

Of course, all these hikes will eventually level out, but it's of little consolation for all those struggling in the here and now.

We have a new Government coming into office today, and we wish them luck because it has a major mountain to climb.