It comes as SVP says people who were already at the brink; are now battling a rising tide of high rents and growing bills.
The government must act now to support ordinary workers and families, according to Sinn Fein TD Patricia Ryan.
The Kildare South TD has said " people are really struggling" and has called for urgent action from the Government on the cost of living crisis.
Speaking during the Sinn Féin Weekend of Action on the cost of living, Teachta Ryan criticised Government inaction, despite clear signals that families and workers are struggling to make ends meet amid soaring costs.
Speaking on the issue, Deputy Ryan said:“The cost of living is out of control and families are under real financial pressure.
“The Central Statistics Office (CSO) predicts that shoppers could spend an extra €780 on groceries over the next year, due to the increased cost of living.
“Their recent SILC survey also found that poverty rates have increased for older people and those living with a disability as well as increases in deprivation for lone parent families.
"Many of these households reported falling in to arrears with their utility bills in response to the survey.
“Sinn Féin has repeatedly called for the Government to look at our proposal for a Cost of Living cash payment. It would deliver €200 for every adult with an income less than €30,000 and €100 for every adult with an income between €30,000 and €60,000.
“People simply cannot wait until the Budget in October. Families and workers need support and they need it now," she insisted.
The Society of St Vincent de Paul (SVP) has also expressed significant concern for families already on the brink as prices rise by 7.8% in May.