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…
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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…
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…
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…
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,…
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,…
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…
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…
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…
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…