Supply and rate rises contributing to property price moderation – BPFI
A significant increase in housing supply since pandemic restrictions were lifted together with recent interest rate increases have contributed to a substantial moderation in property price growth, the Banking and Payments Federation concludes in its latest Housing Market Monitor. The most recent property price data from the Central Statistics Office for April showed the annual […]
Fuel prices jump 4% following rise in excise duty
Duty on petrol increased by 6 cents per litre and 5 cents per litre on diesel on June 1st Fuel prices have jumped over 4% when compared to last month, following a rise in excise duty on petrol and diesel. New figures from AA Ireland show the average price for petrol now stands at €1.65, […]
ECB risks losing sight of ‘greedflation’
The European Central Bank risks losing sight of corporate profits as a driver of inflation – or “greedflation” in market parlance – by zeroing in on wage growth which still lags far behind prices, economists said on Friday. ECB President Christine Lagarde singled out rising salaries as a prime cause for high growth in prices […]
Nearly half of those eligible for rent relief scheme yet to apply
Almost half of people eligible for the Government’s rent credit tax relief scheme have yet to apply for the help, nine months after the policy was first announced. New figures obtained by RTÉ News show that despite the rent credit tax relief scheme plan being a cornerstone of Budget 2023, to date just 230,000 out […]
Call for State pension to be set at 34% of average earnings
A new campaign will be launched today calling for the Government to honour its commitment to introduce a State pension rate of 34% of average earnings. The ‘Pension Promise Campaign’ involves SIPTU, the National Women’s Council, Age Action, Active Retirement Ireland and members of the Senior Citizens Parliament. The groups say a State pension rate […]
Euro zone May inflation confirmed at 6.1%
Euro zone consumer inflation sharply decelerated in May, the European Union’s statistics office confirmed today, with the core price growth measure, watched closely by the central bank, also slowing. Eurostat confirmed its earlier estimates that consumer inflation in the 20 countries did not change at all month-on-month in May resulting in a 6.1% rise year-on-year, […]
ECB rate hikes may need to last beyond summer
The European Central Bank needs to keep raising interest rates, policymakers said today, reaffirming the bank’s stance after fresh projections showed that inflation is even more stubborn than feared. The ECB raised interest rates to 22-year high of 3.50% on Thursday and said it would move again in July, continuing what has been the fastest […]
Oil set to snap two-week losing streak
Oil prices were set to snap a two-week losing streak today amid optimism about higher energy demand from top crude importer China and a weaker dollar. Brent futures rose 20 cents (0.3%) to $75.87 a barrel by 0632 GMT, while US West Texas Intermediate (WTI) crude was 16 cents (0.2%) higher, at $70.78 a barrel. […]
Oil extends downtrend as China economy stumbles
Oil rebounded today after the previous day’s plunge, as data showed a jump in refinery runs at the world’s top crude importer China, though a weak economic backdrop capped gains. Brent crude futures rose 39 cents, or 0.6%, to $73.59 a barrel by 0630 GMT. US West Texas Intermediate (WTI) crude climbed 39 cents, or […]
ECB expected to hike interest rates by another 0.25%
The Governing Council of the European Central Bank is meeting in Frankfurt today where it’s widely expected to increase interest rates by another quarter of one percent. This would bring the ECB’s base deposit rate to 3.5%. Various members of the ECB’s Governing Council have made clear in recent weeks that interest rates will go […]
Mortgage approvals fell in April as fewer movers and switchers secure loans
A decline in the numbers of people looking to switch mortgage provider or move home led to a decline in mortgage approvals in April, according to Banking and Payments Federation Ireland. There were a total of 3,899 mortgages approved in the month, down 13.7% on a monthly basis and 9.4% lower year-on-year. First time buyers […]
US Fed expected to leave rates unchanged
The US Federal Reserve is expected to leave interest rates unchanged today for the first time since the US central bank kicked off a historically aggressive round of monetary policy tightening in March last year. Many analysts and investors are calling it ‘a skip’ as they expect the Fed will skip a hike this time. […]
AIB increases interest rates for deposit holders
AIB and EBS have increased their interest rates on a number of deposit accounts to 2%. The 2% rate will apply to its regular online saver, its AIB Junior and Student saver and the EBS Family saver accounts. But it will only apply to the first €1,000 per month for 12 months. After this period, […]
Residential property prices rose 3.6% in April
Residential property prices nationally rose in April by 3.6% on an annual basis, according to the CSO. This compares to an annual rate of 4% in March. Prices nationally were static over the course of April. Prices have been falling slowly in Dublin since October. They are down 2% over the past three months but […]
Calm weather leads to drop in wind energy generation in May
Wind generated just 23% of Ireland’s electricity in May, with calm conditions leading to a 38% drop in generation when compared to April. New figures from Gas Networks Ireland show that gas generated 57% of Ireland’s electricity last month, up 21% month-on-month. Gas has been the highest contributor to Ireland’s electricity generating system for the […]
Prices paid for farmers’ produce drop 2.2%
Returns to farmers for their produce have fallen overall from March to April this year, according to the latest figures from the CSO. Output prices for produce fell 2.2%, heralding a general decline in returns to most farmers. Dairy farmers in particular experienced a price fall 8.6% in the month, as processors have pulled back […]
Data centres needed as economy ‘tech-centred’ – Martin
Tánaiste Micheál Martin has said Ireland is a “technology-centred economy” with a need for further data centres. He was responding to reports of concern over a surge in energy use by data centres. Yesterday, the CSO said data centres increased their power consumption by 31% and now account for 18% of electricity used. This industry […]
Slight contraction in construction activity in May
Construction activity contracted again in May, but only slightly, as demand improved. The latest BNP Paribas Real Estate (BNPRE) Ireland Construction index was still below the crucial 50 mark at 49.4, the eight consecutive month that activity fell. But there were further signs of recovery, with new orders, employment and buying activity improving on previous […]