The report, using data from statistics agency, Eurostat found that prices here are currently 45% higher than EU average.
In fact, Ireland's rate is the second highest rate in Europe, with only Luxembourg, at 52%, having higher prices than Ireland.
Prices were calculated by the amount of money needed to purchase the same product volume in each country, based on the usage rates of goods and services, while also accounting for exchange rates.
Ennis native and Assistant Professor of Social Policy at University College Dublin, Micháel Collins says in Ireland's case, a lack of competiton in service sectors leads to people paying more than in other EU countries.