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Monday 30 January 2023 Dublin: 8°C

# Inflation

Last week
22nd January 2023 - 28th January 2023
# Gabriel Makhlouf
Central Bank governor says cost of living increases have resulted in 'erosion of living standards'
Gabriel Makhlouf was speaking before the Oireachtas Committee on Finance, Public Expenditure and Reform this afternoon.
This month
January 2023
# stepping down
New Zealand Prime Minister Jacinda Ardern announces shock resignation
Ardern said she would step down no later than 7 February because she no longer had ‘enough in the tank’.
# Inflation
UK Chancellor Jeremy Hunt mocked over social media video explaining high inflation
Jeremy Hunt used a video set in a cafe to explain the rising cost of coffee.
# Cost of Living
Rate of inflation drops slightly to 8.2% in the year to December
That’s down from an increase of 8.9% in the 12 months to November 2022.
# Education
Teachers in England and Wales vote for strikes in pay dispute
The National Education Union has declared seven days of walkouts in February and March.
# An Post
Price of a national stamp to increase by 10c next month
An Post say that higher fuel and energy prices have made the increase necessary.
# Guinness
Diageo is raising the price of a pint of Guinness by 12 cent from February
The company said the increase is due to “significant inflation in input costs across our operations”.
# CHRISTMAS SHOP
Inflation led to surge in Christmas grocery spend compared to 2021
On average, shoppers spent an additional €95.31 when compared to the last three months of 2021.
# Inflation
Michael McGrath says that Ireland’s rate of inflation has peaked
Inflation has actually peaked and is now on a downward trajectory,’ Minister Michael McGrath said.
Last month
December 2022
Voices
Analysis: This year was a financial rollercoaster - what will 2023 bring for your money?
Financial advisor Ralph Benson looks at the highs and lows of the economy this year and asks if the future is brighter.
Cost-of-living pressures will persist in 2023 but Ireland should escape a recession, ESRI says
Authors of the report said there was ‘clear evidence of a slowing pace in the economy’.
# Podcast
The Explainer: What is happening with inflation and how is it affecting our pockets?
Listen in to hear economist and research affiliate with the ESRI John Fitzgerald to hear more.
Last year
2022
# rmt union
UK minister says deals to match inflation are unaffordable as nursing and rail strike loom
British Transport Secretary Mark Harper said there ‘simply isn’t the money’.
# M50
Tolls to increase on M50 and other motorways in line with inflation
The Port Tunnel is the only tolled route in the country that will not be affected by the increase in January.
# Heineken
Heineken to hike keg prices by 9% due to 'significant' rise in production costs
The increase is equivalent to a 17 cent rise in the price of a pint, before VAT.
# Economy
Inflation is the number one enemy, says UK's Sunak
Sunak promised to rebuild trust in the UK government.
# late late
Lagarde says inflation crisis came from 'nowhere', describes Putin as 'a terrifying man'
The ECB president made an appearance opposite Ryan Tubridy tonight.
# Consumer Price Index
Annual inflation eases again slightly in September after 38-year high in July
Home heating oil was up 83.8% in the year to September.
# Pay deal
Revised terms amounting to a 6.5% pay increase accepted by public service workers
The new terms will cover the next 12 months.
# House Prices
House prices could be over-valued by 7%, with market predicted to 'moderate substantially'
That’s according to the ESRI’s latest quarterly economic commentary.
THE MORNING LEAD
Consumer price inflation forecasts revised upwards to 8% by the Central Bank
A report by
Hayley Halpin
The Central Bank has published its latest quarterly bulletin today.
The Central Bank has published its latest quarterly bulletin today.
The Bank says energy-driven inflation is the key issue being faced currently.
The outlook for domestic growth over the coming quarters is "more challenging than was previously expected", it says.
Food businesses remaining closed early in week to save on energy costs
Cost cited as most important factor for Irish consumers when buying food
# Inflation
Inflation has reached 8.6% since start of 2022, but lower than Eurozone average
The Eurozone average reached to 10% followed a 9.1% rise in August.
# Kwasi Kwarteng
UK Government to push on with tax cuts as pound hits all-time low against dollar
Neither Chancellor Kwasi Kwarteng nor Liz Truss are currently expected to publicly address the major market shift.
# Cost of Living
Poll: Would you consider leaving Ireland due to the high cost of living?
A recent poll found that seven out of 10 young people are considering moving abroad in search of a better quality of life.
# Cost of living coalition
Organisers expect ‘very many thousands’ at cost of living protest in Dublin on Saturday
The organisers hope the demonstration will pile pressure on the government ahead of the budget.
# Cost of Living
Annual inflation eases slightly from last month's 38-year high
Home heating oil was up 72.9% in the year to August.
# tracker mortgages
Tracker mortgages set for increase as ECB hikes interest rates by record 0.75 percentage points
The ECB is already playing catch-up with US and British central banks that started raising rates faster in response to inflation.
Voices
Analysis: Governments must act before energy prices break consumers' backs
Economist Victor Duggan looks at rising energy prices and possible ways consumers can be helped.
# Cost of Living
Soaring energy prices lead to record Eurozone inflation as Gazprom suspends gas to Germany
The European Central Bank is expected to raise interest rates at its next meeting on 8 September.
# Bills Bills Bills
'Absurd and frightening': How high could 'skyrocketing' energy prices go this winter?
Tough choices lie ahead in both the short and long term.
Experts agree that the energy price crisis is likely to get worse in the coming months and year ahead.
The UK's energy price cap nearly doubled last week and is an indicator of what consumers in Ireland are facing.
In the short-term, governments must intervene but in the long-term it's about renewable energy.
Price hikes: SSE Airtricity to increase gas bills by 39% and electricity by 35.4%
17,000 apply for emergency social welfare payments for food, fuel and clothing in July alone
# Age Action
Call for all social welfare payments to be increased by €20 as older people 'turn off heating'
Age Action said the State Pension should be increased by at least €23 in the Budget.
# Inflation
Cost-of-living: Inflation remains at highest level in 38 years at 9.1%
Price hikes have been seen most acutely in electricity, gas and home heating oil.
# Inflation
Prices in Ireland are 9.6% higher than this time last year, new figures show
The increase is above the Eurozone average of 8.9%.
# Cost of Living
Inflation once again: McDonald's hiking the price of a cheeseburger for first time in 14 years
Cheeseburgers will go from €1.50 to €1.70.
# Inflation
‘Significant’ price hikes faced by Irish dairy, meat and grain producers
Wholesale electricity prices also increased by 91% in 12 months, according to CSO figures.
# Inflation
Tracker mortgage rates to rise after ECB hike interest rates by 0.5%
The bank is trying to respond to soaring inflation but those on tracker and variable rates will likely face an increase.
# Consumer Price Index
Cost-of-living crisis: Inflation hits 9.1% to reach highest level in 38 years
It’s the largest annual increase since 1984.
# Europe
EU to slash growth forecast again as high inflation persists
The European Commission is to hike its expectations for inflation.
# Inflation
Central Bank revises growth forecast downwards to 4.3%
The economy is still expected to grow over the coming years but downside risks have increased.
Voices
Holly Cairns: Government must not forget disabled people in this cost of living crisis
Holly Cairns of the Social Democrats says many need help from the government in the upcoming budget, but disabled people are particularly vulnerable.