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 […]
CSO marks 75 years of counting the Irish economy
The Central Statistics Office is today marking 75 years since it was first established in 1949. The CSO was established to gather, analyse and publish independent statistics and insights about Irish society, economy and environment. It publishes monthly and quarterly figures on many aspects of Irish life, including inflation figures, unemployment figures, residential property prices, […]
Manufacturing activity stable in May, PMI shows
The country’s manufacturing sector steadied last month after contracting in April although demand remained subdued, a survey showed today. The AIB S&P Global manufacturing Purchasing Managers’ Index (PMI) stood at 49.8 in May, up from April’s nine-month low of 47.6, and close to the all-important 50 level that marks growth in activity. Respondents to the […]
Central Bank recorded a €132m loss in 2023
The Central Bank made a loss of €132.1m last year, as a result of monetary policy decisions taken across the euro area to bring inflation down. Its Governor said the bank had been expecting and preparing over a number of years for the possibility of making a loss at some point and has reserves of […]
Annual inflation increases to 1.9% in May from 1.6% in April – flash CSO data
The annual rate of inflation increased to 1.9% in May, up from 1.6% in April, a flash estimate of the Harmonised Index of Consumer Prices (HICP) from the Central Statistics Office showed today. The CSO said that HICP increased by 0.5% on a monthly basis, up from an increase of 0.2% in April. The core […]
Economic growth set to moderate but remain robust in coming years
The Irish economy is expected to continue expanding at a robust pace in the coming years, according to a new report from AIB. However, it states that this growth will be more moderate than the pace of recent years as the economy bounced back from the pandemic. The inaugural AIB Economic Outlook Report forecasts that […]
€100m stolen through frauds and scams in Ireland in 2023
Almost €100m was stolen by fraudsters through frauds and scams last year, new data shows. That represents an increase of 16% on the previous year, according to FraudSMART which collated the information. 95% of total fraudulent transactions and 36% of gross fraud losses were accounted for by card fraud. Fraudulent card payments were up 8.2% […]
Average weekly earnings up 4.7% in first quarter of 2024 – CSO
New figures from the Central Statistics Office show that average weekly earnings rose by 4.7% to stand at €969.12 in the first quarter of this year compared to €925.44 the same time last year. Today’s CSO figures also show that average hourly earnings rose by 4.5% to €29.82 in the first three months of the […]
Tech companies call for introduction of AI regulations
Major technology companies have called on politicians to regulate artificial intelligence. Appearing before TDs and senators on the Oireachtas Enterprise Committee, representatives from Amazon, Google and Microsoft spoke of the negative and positive impacts that the technology might have. Kieran McCorry, National Technology Officer of Microsoft Ireland, told committee members that, at present, there is […]
Cross border tourism triples in last decade, report shows
The tourism industry across the island of Ireland is worth almost €17 billion to the economy, and supports 300,000 jobs, new data shows. The report from Ulster University and Dublin City University highlights the value of both domestic and international tourism to the island. It states that the sector has bounced back from the challenges […]
Retail sales dip by 1.2% in April from March – CSO
New figures from the Central Statistics Office show that retail sales fell by 1.2% on a monthly basis in April to stand 0.9% lower than a year earlier. The CSO said that excluding volatile car sales, retail sales volumes were 0.1% higher on the month and 0.2% up year-on-year. Today’s CSO figures show that the […]