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Irish mortgage rates drop slightly in April, Central Bank data shows

Irish mortgage rates dropped slightly in April, new data from the Central Bank of Ireland shows. The average interest rate on a new mortgage was 4.24%, down 0.07 percentage points compared to March. This meant Ireland had the seventh highest rates in the Eurozone, an improvement of one place on the previous month. The Eurozone […]

Increase to poverty rates from pension reforms – ESRI

Government plans to increase Pay Related Social Insurance (PRSI) to fund the State pension will lead to a slight increase in poverty rates, particularly the child poverty rate, as those in the most affected age cohort are also those most likely to have dependent children. New research from the Economic and Social Research Institute (ESRI) […]

US inflation down slightly ahead of latest Fed decision

US consumer inflation ticked lower last month, according to US government data, giving the US Federal Reserve positive news shortly before it publishes its latest interest rate decision. The annual consumer price index (CPI) came in at 3.3% in May, down 0.1 percentage point from April, the Labor Department said in a statement. The monthly […]

Oil edges down as cautious investors await Fed meet, US CPI data

Oil prices traded lower today, as investors waited for key US and China CPI data as well as the outcome of the Federal Reserve’s policy meeting to glean a clearer picture of where inflation is heading and how that will affect fuel demand. Brent crude futures fell 13 cents, or 0.16%, to $81.50 per barrel […]

SCSI calls for increase in building control inspections

Ireland’s approach to the enforcement of building regulations requires a cultural shift, according to the new President of the Society of Chartered Surveyors. Kevin Hollingsworth called for a new proactive approach by local authorities, which he said must be backed by exchequer funding. Currently, local authorities are required to only inspect between 12 and 15% […]

Live Register figures ease by 0.3% in May, CSO data shows

New figures from the Central Statistics Office show that the seasonally adjusted Live Register total fell by 0.3% to 173,200 people in May when compared to the previous month. The CSO said the unadjusted Live Register total stood at 168,406 people, down 4.6% from the same month last year. Of the 168,406 people on the […]

Euro falls in warning sign for markets after Macron calls snap France vote

The euro fell sharply today, hit by political uncertainty after gains by the far-right in voting for the European Parliament on Sunday prompted a bruised French President Emmanuel Macron to call a snap national election. The uncertainty in France adds one more element to what will be a busy week for markets with crucial US […]

Increases in construction activity continued in May – BNP Paribas

Housing commencements remain on an upward trend, according to BNP Paribas Real Estate Ireland, with continued increases in construction activity across key residential segments. The construction activity index posted fractionally below the 50.0 no-change mark in May to signal broadly stable output in the sector midway through the second quarter. The reading was down from […]

ECB policymakers warn about inflation challenge

European Central Bank policymakers warned today that the final stage of pushing inflation down to 2% could be especially hard but said they were confident that policy was working as intended, while some even saw room to ease policy further in 2024. The ECB cut interest rates from record highs on Thursday in a long-telegraphed […]

Unemployment rate steady in May at 4%, CSO data shows

New figures from the Central Statistics Office show that the unemployment rate for May was 4%, unchanged from the previous month. On an annual basis, the seasonally adjusted unemployment rate fell to 4% in May from a revised rate of 4.2% the same time last year. The seasonally adjusted number of people unemployed was 111,700 […]

World food prices rise for third straight month in May, UN says

The United Nations world food price index rose for a third consecutive month in May, as higher cereals and dairy product prices outweighed drops in prices for sugar and vegetable oils. The UN Food and Agriculture Organisation’s price index, which tracks the most globally traded food commodities, averaged 120.4 points in May, up 0.9% from […]

Pace of growth in service sector accelerates in May

The pace of growth in the service sector accelerated in May, new data shows. The latest AIB Purchasing Managers’ Index (PMI) reveals that the index increased from 53.3 in April, to 55 last month. Readings above 50 indicate overall growth in activity. The pace of expansion was the strongest reading since March and broadly in […]

ECB interest rate cut expected, after hikes since 2022

The European Central Bank (ECB) is expected to agree a quarter of a percent cut in interest rates at its meeting in Frankfurt. It will come after ten interest rate hikes since July 2022. The monthly mortgage payment is generally the most significant household expenditure for homeowners in Ireland. It is a payment that has […]

45% say their 60s will be the costliest decade of retirement

Almost half of people in Ireland expect their 60s to be the most expensive time of their retirement, new data shows. The survey carried out by Royal London Ireland reveals that 38% believe they will need the most money in their 70s, while just 17% think their 80s and 90s will be the costliest time. […]

Euro zone business activity expands at fastest rate in a year, PMI shows

Euro zone business activity expanded at its quickest rate in a year in May as growth in the bloc’s dominant services industry outpaced contraction in manufacturing, according to a private survey, which also showed price pressures easing. HCOB’s composite Purchasing Managers’ Index (PMI) for the currency union, compiled by S&P Global and seen as a […]

Housing Minister to seek approval to expand home loan scheme

Minister for Housing Darragh O’Brien will seek Government approval to expand the local authority home loan for first-time buyers. The loan is currently only available for homes that are habitable and does not cover renovation costs. The Cabinet is expected to give the green light to a new local authority purchase and renovation loan, which […]

Higher annual housing targets expected after budget

New annual housing targets that will be significantly higher than the current figures are set to be published after the Budget in October. The figures will consider new research from the Economic and Social Research Institute (ESRI) on population and housing demand due to be published this month. It is expected to say that between […]

Customers cutting costs but still value quality – survey

A new survey from KPMG highlights the challenge retailers and brands face in balancing price competitiveness and quality. Its latest Next Gen Retail Survey found that the majority – 76% – of consumers continue to be influenced by discounts when shopping. Price is the main driver for 56% of customers when it comes to choosing […]