Consumer prices rose by 2.6% over the 12 months to May
Consumer prices for goods and services rose by 2.6% over the 12 months to May. The figures from the Central Statistics Office show that when energy and unprocessed food are excluded, the Consumer Price Index (CPI) went up by 3.5%. The largest increases in the year to May were recorded in the transport sector, followed […]
Household savings rate increases to 14.7%
The savings rate among households increased to 14.7% between January and March. New data from the Central Statistics Offices shows that households saved €8.1bn during the three month period, before adjusting for seasonality or inflation. The CSO noted that the first quarter of the year tends to have higher savings, as consumption is lower after […]
Fed leaves rates unchanged, sees only one 2024 cut despite inflation progress
The Federal Reserve held interest rates steady yesterday and pushed out the start of rate cuts to perhaps as late as December as policymakers sketched out their view of an economy that remains virtually unchanged across its major dimensions for years to come. With growth and unemployment lodged at levels better than the US central […]
Oil slips on US growth worries, ample crude supply
Oil prices fell in early trade today, as investors digested that the US Federal Reserve had likely pushed back a possible interest rate cut to December, while ample US crude and fuel stocks also weighed on the market. Brent crude futures lost 23 cents, or 0.3%, to $82.37 a barrel, as of 0415 GMT, and […]
New EV sales down 20% so far this year, CSO data shows
The number of new electric cars sold in the first five months of the year dropped by 20% compared with the same time last year, new data shows. The figures from the Central Statistics Office show that 9,458 new EVs were licensed between January and May, down from 11,918 during the same period in 2023. […]
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 […]