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ECB needs more rate hikes but inflation close to peak, says Lane

The European Central Bank will have to raise interest rates several more times to tame price pressures, even if headline inflation is now close to its peak, ECB chief economist Philip Lane told Italy’s Milano Finanza newspaper today. “We do expect that more rate increases will be necessary, but a lot has been done already,” …

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Euro zone likely heading into mild recession – PMI

Euro zone business activity declined for a fifth month in November, suggesting the economy was sliding into a mild recession as consumers cut spending amid surging inflation, a survey showed. S&P Global’s final composite Purchasing Managers’ Index for the euro zone, seen as a good guide to economic health, nudged up to 47.8 in November …

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96% of consumers worried about current cost of living – CSO

A new survey from the Central Statistics Office shows that 96% of respondents are concerned about the current cost of living, with 56% being very concerned. The CSO’s “Our Lives Our Money” Pulse Survey also shows that 63% of respondents believe they are in a worse financial situation now than they were a year ago. …

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Economy grew by 2.3% in Q3 – CSO

The economy grew by 2.3% from July to September of this year when measured by Gross Domestic Product. However, activity in the domestic economy measured by Modified Domestic Demand fell by 1.1%. Ireland’s economy was, again, the best performing economy in Europe in the third quarter of this year. On an annual basis, the economy …

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Most consumers to use savings to fund Christmas spend

Consumers are set to spend more this Christmas but plan to be less reliant on debt, according to research by the Competition and Consumer Protection Commission. Consumers are expecting to spend an average of €1,200 on Christmas shopping this year. That compares to an average of €1,000 last year. Households with children are due to …

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Record level of corporation tax collected in November

A record €5 billion in corporation tax was collected in November, according to the latest Exchequer returns, the biggest monthly figure ever. The tax take, underpinned by a booming multinational sector, means the Exchequer has already passed the Budget Day target of €21 billion in corporation tax for the full year. It also represents a …

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Euro zone factory downturn eased in November

The downturn in manufacturing activity across the euro zone eased in November, according to a survey which suggests while the bloc’s factories still face a harsh winter it may not be as bad as initially feared. S&P Global’s final manufacturing Purchasing Managers’ Index rose to 47.1 from October’s 46.4, but was below a preliminary reading …

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Growing chance of global growth falling below 2% – IMF chief

IMF chief Kristalina Georgieva has warned that the chance of global growth dropping below 2% – last seen during the coronavirus outbreak and the global financial crisis of 2009 – is increasing as major economies slow. Her comments come as the world’s biggest economies grapple with fallout from Russia’s invasion of Ukraine, which sent food …

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One in 4 consumers switch insurance providers – Central Bank

Eight out of 10 car and home insurance consumers engage with their provider on renewal and one in four switch, according to research conducted by the Central Bank of Ireland. The findings are included in an Economic Letter entitled, “Engagement, switching, and digital usage in consumer and insurance markets: who does it and why it …

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New tipping laws come into force today

New laws governing the practice of tipping come into force from today, providing a boost to workers’ rights. Under the Payment of Wages Act employees now have a legal entitlement to receive tips and gratuities paid in electronic form. The new law also requires that this money should be paid to workers in a manner …

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Firms to start reporting on gender pay gaps from today

Companies across Ireland will start to publish information on their gender pay gaps from today. Firms of all sizes are being mandated to produce a report outlining the differential in pay and bonuses between their male and female employees. Companies with 250 or more employees were asked to select a date in June this year …

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Euro zone inflation falls for first time in 17 months, bolstering hopes for smaller ECB hike

The annual rate of inflation across the euro area eased back to 10% in November, according to an initial ‘flash’ estimate from the EU’s statistical agency Eurostat. This compares to an annual rate of 10.6% recorded in October and is the first fall in the rate of inflation in 17 consecutive months. The main contributor …

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Euro zone economic sentiment rebounds in November

Euro zone economic sentiment rebounded in November slightly more than expected, data showed today, rising for the first time since the Russian invasion of Ukraine in February on more optimism among consumers and in services. The European Commission said its economic sentiment indicator rose to 93.7 in November from 92.7 in October, marginally beating consensus …

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Average weekly earnings up 3.2% to €864 – CSO

New figures from the Central Statistics Office show that average weekly earnings were €864.32 in third quarter of this year, up 3.2% on the same period last year. Over the past three years, weekly earnings rose by 12.4%, from €769.14 in the third quarter of 2019. Today’s data shows that average hourly earnings increased by …

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Paid sick leave entitlement on track for New Year

An entitlement to paid sick leave is scheduled to come into effect in the New Year after the Tánaiste, Leo Varadkar signed the commencement order. From January, workers will be entitled to up to 3 days of sick leave in a year, paid at 70% of gross salary up to a cap of €110. The …

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Annual retail sales down for sixth month in a row – CSO

New Central Statistics Office figures show that the volume of retail sales rose by 0.7% in October but fell 2.6% on the same month last year. This marked the sixth month of annual decreases in a row. With inflation running at an almost 40-year high of 9.2%, the value of retail sales were 1.2% higher …

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New rights for consumers on faulty goods and services

New laws covering consumer rights around faulty goods and services, digital products and sale pricing take effect from today. The Consumer Rights Act introduces stronger rights of redress for faulty goods, including the straightforward option of cancelling a faulty purchase within 30 days for a full refund. Kevin O’Brien, member of the Competition and Consumer …

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ECB’s Lagarde says we haven’t reached inflation peak

Euro zone inflation has not peaked and the risk is that it will turn out even higher than currently expected, European Central Bank President Christine Lagarde said today. “We do not see the components or the direction that would lead me to believe that we’ve reached peak inflation and that it’s going to decline in …

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