Euro zone inflation rebounds more than expected in October to 2%
Euro zone inflation accelerated more than expected in October and could still pick up further in the coming months, bolstering the case for caution in European Central Bank interest rate cuts as price growth is not yet fully tamed. Inflation in the 20 countries sharing the euro currency accelerated to 2% from 1.7% in September […]
International tourists spending less time here, more money
International visitors are spending less time in Ireland, but more money. New figures from the Irish Tourism Industry Confederation (ITIC) show that the length of overnight stays between July and September fell 7%, when compared to the same time last year. However, revenue was up 10% with visitors spending €2.14 billion. Nearly 2 million international […]
Wholesale electricity prices rise over 12% in September – CSO
New figures from the Central Statistics Office show that wholesale electricity prices increased by 12.2% in September compared to August, and were 1% higher compared to September of last year. But wholesale electricity prices have fallen by 70.9% when compared with their peak seen in August 2022. The price index for all energy fuels dropped […]
New scheme to reimburse costs to fix Celtic Tiger era defective apartments
The Government is establishing a pilot scheme for reimbursing apartment owners who fix Celtic Tiger era defective properties at their own expense. Two years ago the total cost for repairing the homes was estimated at €1.5 billion to €2.5 billion. The total number of properties affected is up to 100,000, according to the working group […]
Irish infrastructure lagging behind EU counterparts – IFAC
Ireland’s infrastructure is lagging 25% behind that of high-income European economies, according to the Irish Fiscal Advisory Council. In a new report the spending watchdog said housing, health, transport and electricity all require investment. The fiscal council estimated 68,500 homes need to be built a year to catch up and meet a growing population. That […]
Three quarters of businesses report increase in cyberattacks – survey
Almost three quarters of Irish businesses have reported an increase in cyberattacks in the past year, according to new research. The Hiscox Cyber Readiness Report shows that Irish companies have experienced an average of 58 cyberattacks over the last 12 months. Almost half of businesses surveyed said they had suffered reputational damage due to the […]
Small bounce in consumer sentiment after Budget
There was a “small bounce” in consumer sentiment in October, but little sense that consumers think Budget 2025 will dramatically improve the outlook for their household finances. That is according to the latest Credit Union Consumer Sentiment Index. The survey, conducted in partnership with Core Research, shows an index reading of 74.1 for October, marking […]
First time buyers and switchers drive increase in Q3 mortgage drawdowns
Strong demand from first-time buyers (FTB) and switching activity drove an increase in both the volume and value of mortgage drawdowns in the third quarter. A total of 11,774 new mortgages worth €3.4bn were drawn down by borrowers during the period, according to the latest figures from the Banking and Payments Federation Ireland (BPFI). In […]
Euro zone disinflation on track, Lagarde says
Euro zone inflation is “well on track” to hit the European Central Bank’s 2% target next year, ECB President Christine Lagarde said today, repeating the bank’s most recent guidance. “The incoming information on inflation shows that the disinflation process is well on track,” Lagarde said at the International Monetary Fund’s annual meeting in Washington. “Recent […]
First time buyers and switchers drive increase in Q3 mortgage drawdowns
Strong demand from first-time buyers (FTB) and switching activity drove an increase in both the volume and value of mortgage drawdowns in the third quarter. A total of 11,774 new mortgages worth €3.4bn were drawn down by borrowers during the period, according to the latest figures from the Banking and Payments Federation Ireland (BPFI). In […]
Small bounce in consumer sentiment after Budget – Credit Union Consumer Sentiment Index
There was a “small bounce” in consumer sentiment in October, but little sense that consumers think Budget 2025 will dramatically improve the outlook for their household finances. That is according to the latest Credit Union Consumer Sentiment Index. The survey, conducted in partnership with Core Research, shows an index reading of 74.1 for October, marking […]
635 million bottles and cans returned to Deposit Return Scheme
A total of 635 million plastic bottles and aluminum cans have been returned to the Deposit Return Scheme so far. That is according to new data from the Department of Environment, Climate, and Communications. This equates to €110 million in deposits returned to customers. The collection rate for August was equivalent to 73% of all […]
Motor insurance premiums rose 2% last year – Central Bank
The average premium paid by consumers for motor insurance in Ireland last year rose 2% to €568, the first increase in five years. It comes as the cost of a claim per policy rose by 5% in 2023 to €369, bringing it back near pre-Covid levels in 2019. Of that figure, the cost per policy […]
Growth expected to continue at moderate pace as economy nears full capacity – AIB report
More moderate growth is expected in the coming years as the economy and labour market reach full capacity, according to AIB’s Economic Outlook. It forecasts modified domestic demand (MDD) to grow by 2.8% next year and 2.7% in 2026. The report finds that, following a fall in GDP in 2023 due to a downturn in […]
ECB starting to debate if rates have to go below neutral, sources say
European Central Bank policymakers have begun to debate whether interest rates need to be lowered enough to start stimulating the economy, ending years of economic restriction, conversations this week with half a dozen sources indicate. The ECB has been cutting rates quickly this year but policymakers have so far said the goal is a neutral […]
Consumers warned of new ‘direct debit’ scam on the rise
Consumers are being warned of a new ‘direct debit’ scam which is falsely leading people to believe their bank account has been hacked. FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland (BPFI), said the scammers are persuading people to move their money to a so-called ‘safe account’ in order to protect […]
Study finds low levels of compliance with on-site and hybrid attendance policies
Just 10% of human resources professionals say that their organisation has a 100% level of compliance with on-site or hybrid attendance policies, new research has established. But the study also found that almost half of respondents reported a compliance level of at least 50%. The HR Update report, published by Ibec to coincide with its […]
€4 billion to be transferred from Exchequer to Future Ireland Fund
The State is transferring the first in a series of annual payments into a fund set up to invest windfall gains from taxing multinationals. Four billion euro is being moved from the Exchequer to the Future Ireland Fund. The fund is one of two vehicles set up to save some of the proceeds from corporation […]