Pound v Euro
Today the Euro slumped to €1.40 agaist the pound sterling.
You can only get 71p for your Euro now. It was well over 80p at one point.
This is hitting Movillians in the pocket.
It is now much more expensive to shop in Derry.
Last year you could get €1.20 to €1.25 for your pound.
Now you can get €1.40.
Heating Oil and Petrol
Even if you don’t shop in Derry the weak Euro is still pushing prices of things like heating oil and petrol up for Movillians.
The prices for those are based in dollars and the dollar is even stronger against the Euro than the pound is.
A short while ago heating oil was priced at €590 for 1,000 litres.
Now it is from €655 to €680 for 1,000 litres (it pays to shop around).
Oil Prices
Part of that is due to the oil price rising from around $50 a barrel to $60 a barrel. Part of it is because of the slump in the Euro.
I read today the the price of oil is likely to start falling again in dollar terms.
However, the fall in the Euro may take some of that advantage away.