Oil prices drop amid China Covid curbs, possible rate hikes
Oil prices fell today with the global fuel demand outlook overshadowed by Covid-19 restrictions in China and the potential for further interest rate hikes in the US and Europe. Brent crude futures dropped $1.01, or 1.1%, to $91.83 a barrel in early trade, after settling 4.1% higher on Friday. US West Texas Intermediate crude was […]
Households still saving 19% of their incomes – CSO
New Central Statistics Office figures show that households in the second quarter of this year continued to save more than they did pre-Covid, despite inflationary pressures. The CSO said the average household saved just over 19% of its income in the second quarter. While this was down on the Covid pandemic peak of nearly 34%, […]
Annual inflation slows for first time in 7 months – CSO
Annual inflation slowed for the first time in seven months in August, with prices up 8.7% compared to a 38-year high of 9.1% in the previous two months, new figures from the Central Statistics Office show. Prices were 0.2% higher on a monthly basis, which was also the slowest level of growth since January. The […]
EU energy ministers to meet for talks on easing cost pressures
EU energy ministers will attempt to forge a united response to the energy shock from Russia’s war in Ukraine that has sent prices for electricity and heating skyrocketing. The invasion has seen the price of natural gas hit record levels, throwing the EU economy into deep uncertainty with all eyes on whether Russian President Vladimir […]
‘Help on way’ as Budget being finalised – McGrath
The Minister for Public Expenditure has promised that help is on the way, in response to increases in inflation and interest rates announced earlier. Speaking this afternoon in Cork, Michael McGrath said the Government is finalising what he described as a Budget like no other, which will be delivered in less than three weeks. He […]
ECB expected to raise interest rates again
The European Central Bank’s Governing Council meets today and is widely expected to agree an increase in interest rates. Inflation in the euro area escalated over the summer months as the energy crisis continues to intensify. The European Central Bank increased interest rates in July by 0.5%. It is now speculated that rates could be […]
Oil prices climb on tight supply worries
Oil prices rose by as much as $1 per barrel today after dropping below key technical support levels in the previous session, as an energy standoff between Europe and Russia focused investor minds on how tight fuel supply may become. Brent crude futures gained 63 cents, or 0.7%, to $88.63 per barrel this morning after […]
EU proposes limits on energy use during peak hours
The European Commission is proposing a mandatory reduction in electricity use during peak hours as part of sweeping new measures to tackle the energy crisis. Other measures include a price cap on energy companies who produce electricity through low carbon methods – such as renewables – but who have availed of artificially high revenues because […]
Euro zone Q2 growth revised up, supported by household spending
Euro zone economic growth was stronger than previously estimated in the second quarter, data showed today. Today’s figures show that household spending recovered after a half of year of stagnation despite the squeeze on disposible income from spiraling inflation. The European Union’s statistics office Eurostat said gross domestic product in the 19 countries using the […]
Government approves pay increases for early learning and childcare workers
The Government has approved a new pay agreement which will provide pay increases and wage structure for early learning and childcare workers. Employment Regulation Orders will commence on 15 September and will provide new minimum hourly rates of pay for various roles in the early years services sector, ranging from €13-an-hour for early years educators […]
Energy credit, temperature settings on Cabinet agenda
Green Party leader Eamon Ryan has said there will be another form of universal energy credit and new measures for small business in this month’s Budget to help people manage increases in the cost of living. The Cabinet is meeting at Dublin Castle this morning to discuss an energy reduction plan for the public sector, […]
Oil prices inch lower on symbolic OPEC+ output cut
Oil prices edged lower today, paring gains from the previous session, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to bolster prices after the market’s recent slide. Brent crude futures had fallen 49 cents, or 0.5%, to $95.25 a barrel in early […]
Euro zone July retail sales rise, but weaker than expected
Euro zone retail sales rose in July, but by less than expected because of a continued slump in demand for non-food products, data form the EU’s statistics office Eurostat showed today. Eurostat said retail sales in the 19 countries sharing the euro, a proxy for consumer demand, increased 0.3% month-on-month in July for a 0.9% […]
Energy-related emissions up 5.4%, SEAI data shows
Energy related emissions were up 5.4% last year, according to new figures from the Sustainable Energy Authority of Ireland (SEAI). This comes despite a commitment by Ireland to reduce CO2 emissions by 4.8% per year from 2021- 2025 under the first carbon budget. Today’s Energy Balance data show that emissions are now back at the […]
Cost of living figures are ‘off the Richter scale’
The Richter Scale measures the intensity of earthquakes. It ranges from the unnoticeable to the highly destructive. So, when Taoiseach Micheál Martin said energy prices are “off the Richter scale”, the chosen figure of speech was more than apt. In the year to July, electricity was up 40%, gas up 56%, and home heating oil […]
Euro hits 20-year low against dollar
The euro sunk below $0.99 this morningy, a 20-year-low, following the announcement last week that Russia would cut off gas deliveries to Germany via the Nord Stream pipeline. The euro fell 0.7% to 0.9884 in early trade – its lowest since December 2002. The European currency has continued to weaken against the dollar since the […]
Oil prices climb ahead of OPEC+ meeting
Oil prices jumped over $1 a barrel today, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later today. Brent crude futures rose $1.88, or 2%, to $94.90 a barrel in early trade after gaining 0.7% on Friday. US West Texas Intermediate crude was at […]
Online and mobile banking payments hit record high
Online and mobile banking hit record highs in the second quarter of the year growing to 36 million payments, the highest level since the current data series began in 2016. The figures are contained in the latest Payments Monitor from Banking and Payments Federation Ireland (BPFI). It is the first time that digital banking payments […]