General Industry News

Price rises to continue as inflation to peak in early summer

The Irish Examiner – 23.03.2022

In its latest in-depth economic outlook, the ESRI sees consumer price inflation climbing to 8.5% in June and July, up from 5.6% last month, before moderating for an average of 6.7% this year. Irish inflation, however, remains hugely elevated, at 5% in 2023. Since the Russian invasion last month, wholesale prices of gas, oil, and wheat on global markets have climbed further, meaning no let-up in the inflation pressures that are spilling across economies, including in Ireland.

Consumer sentiment faces largest month-on-month decline since onset of pandemic

The Business Post – 24.03.2022

Consumer Sentiment dropped by ten points between February and March 2022, the largest month-on-month decline in confidence since the onset of the pandemic, according to KBC Bank Ireland. The lender’s consumer sentiment dropped from 77 in February to 67 in March, which, though not as pronouncement as the 34.7 point drop in April 2020, was the 11th highest monthly drop in consumer sentiment in the index’s 26-year history.