ESRI says inflation could peak at 8.5% this summer
The Economic and Social Research Institute has lowered its forecasts for growth in the economy this year and increased its outlook for inflation as a result of the ongoing war in Ukraine. In its latest Quarterly Economic Survey, the ESRI said inflation could peak at 8.5% this summer before averaging out across the year at […]
Monthly online retail sales slow to 5.8% in January
New figures from the Central Statistics Office show that the proportion of retail sales conducted online fell to 5.8% in January of this year compared to 9.7% during the previous month. It also marked a fall from a rate of 11% in January 2021 but was up from a rate of 3.2% in January 2020, […]
Soaring price inflation set to continue
The ESRI is set to warn later this week that soaring price inflation could be with us for up to two years. Many economists had predicted high inflation would ease this year, but Russia’s invasion of Ukraine means that higher energy and fuel prices are likely continue for the foreseeable future. Last week the US […]
New online portal for disruptive technology companies
A new national online searchable database has been set up by IDA Ireland, in partnership with Enterprise Ireland, to profile Irish based companies and multinational companies that have capacity in disruptive and sustainable technologies. Funding was secured under the Public Service Innovation Fund to build the new portal. It will allow companies to identify collaborators, […]
How switching bank may not be as simple as you think
Mary* has been a customer with Ulster Bank for 30 years. She is a sole trader based in the west of Ireland. She is 60 and considers herself to be reasonably tech-savvy since she has a successful business, selling her products online. All of her personal and business banking is done through Ulster Bank. The […]
Record high electricity generation from wind last month – GNI
There was reduced reliance on gas for our electricity needs in February, according to Gas Networks Ireland, as multiple storms brought wind generation capacity to a record high. Wind generated just over half of Ireland’s electricity needs in the month, peaking at 77% and never dipping below 8%, the latest Gas Demand Statement showed. That […]
New website to help Irish businesses welcome Ukrainian refugees
A new website has been launched that will allow Irish businesses to make “welcome offers” of free or discounted goods to people fleeing the war in Ukraine. The ‘Tech For Good Dublin’ community has established the new site which is called ‘Pryvit.ie’. ‘Pryvit’ means hello in Ukrainian and the aim of the not-for-profit initiative is […]
More lenders likely to hike fixed rates in weeks ahead – Treasury specialist
More lenders are likely to follow the lead of ICS Mortgages in the coming weeks in raising fixed rate products, according to one treasury specialist who works with businesses on their financial planning and lending needs. John Finn, Managing Director Treasury Holdings and Founder of the Treasury Hub, said the move upwards was entirely predictable […]
New Central Bank rules on insurance loyalty from July 1
New rules aimed at ensuring motor and home insurance customers do not get penalised for their loyalty are to come into effect from July 1. It means that from that date it will not be possible for insurers to charge any renewing customer a premium that is higher than they would have charged a consumer […]
Customers facing ‘real difficulties’ as energy costs rise
Price increases for gas and electricity announced by Bord Gáis are difficult, but reflect the underlying volatility of wholesale prices in the market, according to the chairperson for the Commission for Regulation of Utilities (CRU). Aoife MacEvilly said: “Even with competitive pressures, the reality is we’ve got very high and volatile wholesale gas prices, which […]
Worries over paying bills growing – Bank of Ireland
A new report shows that people are becoming more concerned about their jobs, paying bills and other day to day worries, but they are still saving more than before the outbreak of Covid-19. Bank of Ireland said its Savings and Investment Index made a strong recovery in the first quarter of this year, with a […]
60% of Irish SMEs not taking data protection steps – study
Six in 10 Irish SMEs take no particular steps to protect customer data online or do not know how to, according to new research. The study from .IE, the managers of Ireland’s online .ie address, found that just 15% of SMEs said they use a firewall or antivirus software, 11% use two-factor authentication and just […]
Euro zone to tighten fiscal policy in 2023, but ready to reverse amid Ukraine war
Euro zone finance ministers have agreed to tighten fiscal policy a little next year after three years of pumping billions into the economy due to the coronavirus pandemic, but also to be ready with more cash should the war in Ukraine make it necessary. “The fundamentals of the euro area economy are strong,” the ministers […]
Once-off fuel allowance payment to be paid to recipients this week
A once-off fuel allowance payment of €125 will be paid to recipients this week. The measure was announced last month as part of the Government package to tackle the rising cost of living. Fuel prices are one of the main drivers of rising inflation, while the war in Ukraine has also pushed costs higher. Last […]
Banks ‘not yet where they need to be’ ahead of Ulster Bank and KBC’s exit
The Central Bank’s Director of Consumer Protection has said he thinks banks here “are not yet where they need to be” in preparing for Ulster Bank and KBC’s exit from the Irish market. Colm Kincaid also said the Central Bank has an “appetite to intervene” where it considers necessary to do so if it is […]
Wage rises likely to add to construction cost pressures
Labour costs could be on course to rise in the construction industry as some firms in the sector report difficulties in recruiting staff. According to the latest Purchasing Managers’ Index from BNP Paribas Real Estate Ireland, wage pressures in the sector have remained “well contained” so far with 23,300 more construction workers being hired last […]
ECB speeds up stimulus exit and opens path to interest rate rise
The European Central Bank has scaled back its bond-buying stimulus plan in response to inflation being driven up by the war in Ukraine, while giving itself more flexibility on the timing of a potential interest rate rise this year. “The Russian invasion of Ukraine is a watershed for Europe,” the ECB said in a statement […]
Inflation hits highest level since 2001 in February, with more increases certain
The annual rate of inflation rose to 5.6% in February, according to the latest figures from the Central Statistics Office. This is the highest annual rate in almost 21 years. Today’s CSO figures show that the main contributor to inflation remains fuel and energy. Unfortunately, inflation is almost certain to climb higher because February’s figures […]