EU reach data rule deal targeting Big Tech
EU countries and EU lawmakers has agreed on rules that govern how Big Tech and other companies use European consumer and corporate data, with safeguards against non-EU governments gaining illegal access. The European Commission proposed the Data Act last year to cover data generated in smart gadgets, machinery and consumer products, part of a raft […]
ECB’s Lagarde sees no rate peak call in near term
Euro zone inflation has entered a new phase which could linger for some time, European Central Bank President Christine Lagarde said today, outlining a lengthy fight against price growth that must dampen demand and force firms to curb prices. The ECB has raised rates at each meeting over the past year, taking its deposit rate […]
Grocery price inflation slows to 15.8% from 16.5%
New figures from Kantar show that grocery inflation rose by 15.8% in the 12 weeks to June 11, down on last month’s level of 16.5% and the lowest level of inflation seen so far this year. Today’s figures show that take-home grocery sales increased by 10.8% in the four weeks to June 11. Kantar noted […]
First-time buyers mortgage approvals hit record high
May was the busiest month for first-time buyer mortgage approvals in both volume and value terms since the figures started being collected in 2011, new figures from Banking and Payments Federation Ireland show today. First-time buyer approvals rose by 26.4% to €926m in May, bringing the annualised value of FTB approvals to a total of […]
Third of wages in 2021 came from multinationals – ESRI
A new study from the Economic and Social Research Institute (ESRI) shows that a third of the wages paid in the Irish economy in 2021 came from Multinational Enterprises (MNEs). The research by economist John Fitzgerald is entitled ‘Understanding the Irish Economy’. It shows that rapid growth in highly paid employment and corporate tax income […]
Review of occupations on critical skills list
The Government has announced a review of the occupations eligible for employment permits under the Critical Skills Occupation List and Ineligible Occupations List. Employers and stakeholders are being urged to make a submission as part of the review process. “At a time of full employment, with over 2.6 million people at work in Ireland, it […]
Optimism among Irish firms but taking action on sustainability a challenge – KPMG
Over half of Irish businesses expect to increase turnover in the next 12 months and 38% expect to expand their workforce, according to the latest research from KPMG. The Enterprise Barometer reveals overall optimism among Irish businesses, with 59% of firms reporting plans to grow in the near future. 59% intend to finance their expansion […]
BIS warns world economy at critical juncture in inflation fight
The world’s central bank umbrella body, the Bank for International Settlements (BIS), has called for more interest rate hikes, warning the world economy was now at a crucial point as countries struggle to rein in inflation. Despite the relentless rise in rates over the last 18 months, inflation in many top economies remains stubbornly high. […]
27% of consumers can’t afford a holiday this year
As the holiday season begins, 27% of consumers say they cannot afford a holiday this year, compared with 23% last year and 19% in 2021, according to the last Credit Union Consumer Price Index published today. Based on a survey of 1,000 people, it finds 30% of respondents planning a holiday say cost of living […]
Euro zone business growth stalls in June – flash PMI
Manufacturing activity has been in decline since July Manufacturing activity has been in decline since July Euro zone business growth virtually stalled this month as the downturn in manufacturing deepened while activity in the bloc’s dominant services industry barely expanded, a survey showed today. HCOB’s flash Composite Purchasing Managers’ Index (PMI) for the bloc, compiled […]
Wholesale electricity prices fall to lowest in 2 years, CSO figures show
Wholesale electricity prices continued to fall last month and are now back to levels not seen in two years. Figures from the Central Statistics Office show that prices fell by 16.2% in May compared to the previous month and fell by 26.6% compared to May last year. Overall, the wholesale price index which measures prices […]
Eurostat: Prices here 46% above EU average last year
Prices in Ireland were higher than in any other European Union country last year, according to statistics agency Eurostat. Data on household consumption show that Irish prices were 46% above the EU average in 2022, higher than any other country in the bloc. That was followed by Denmark, where prices were 45% above the average, […]
Oil eases on uncertain demand, market eyes US inventory data
Oil futures dipped today amid demand fears after the Federal Reserve chairman hinted at further interest rate hikes, while traders awaited official US inventory data following an industry report that showed an unexpected draw in crude stocks. Brent futures fell 22 cents, or 0.3%, to $76.90 a barrel at 0646 GMT, while US West Texas […]
Central Bank warns Govt not to exceed 5% spending rule in Budget or risk stoking inflation
The Central Bank has warned that if Government expenditure in next year’s Budget goes beyond its 5% spending rule, it runs the risk of stoking inflation further. In its Summer Quarterly Bulletin, the Bank has also revised upwards both its forecasts for growth in the domestic economy and also for inflation. The economy is described […]
European car sales rise in May – ACEA
European new car registrations increased in May, data from the region’s carmaker association showed today. The number of new vehicles registered that month in the European Union, Britain and the European Free Trade Association (EFTA) grew by 18.2% to 1.12 million units year on year, the European Automobile Manufacturers Association (ACEA) said. In the European […]
Food prices in Ireland remain high in international context – CCPC
An analysis of the retail grocery market by the Competition and Consumer Protection Commission (CCPC) has found food prices in Ireland remain high in an international context – but over recent years food inflation here was the lowest in the EU. The analysis carried out by the CCPC, on request from the Minister for Enterprise, […]
Tax cuts could contribute to persistent inflation – TASC report
Tax cuts in the budget would add fuel to an over-stimulated economy and could contribute to persistent inflation, a new report warns. The study from the economic and social think-tank, TASC, argues that tax levels should remain broadly the same as prior to the budget to prevent a resurgence of inflation, which has recently shown […]
Tax cuts could contribute to persistent inflation – TASC report
Tax cuts in the budget would add fuel to an over-stimulated economy and could contribute to persistent inflation, a new report warns. The study from the economic and social think-tank, TASC, argues that tax levels should remain broadly the same as prior to the budget to prevent a resurgence of inflation, which has recently shown […]