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Irish prices up 5.7pc in February – Eurostat

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Irish prices are up 5.7% year-on-year, according to EU quick estimates.

t follows a 5pc gain in January, which analysts expect will be a technical and temporary decline from a 20-year high of 5.7pc in December (5.5pc according to the Consumer Price Index). Ireland).

The bloc’s statistics agency Eurostat said today that inflation in the 19-member eurozone rose to a large 5.8 percent in February, up from 5.1 percent in January, the country’s statistics agency. Eurostat bloc said today, another high in the euro era.

Eurozone energy prices rose 31.7 percent on the month, with food, alcohol and tobacco prices up 4.1 percent.

Non-energy industrial goods rose 3 percent while the cost of services increased 2.5 percent.

The European Central Bank’s inflation target is 2pc.

Russia’s invasion of Ukraine has put additional pressure on energy and food prices this week, with a barrel of Brent crude rising to $111 a barrel.

International sanctions are also putting pressure on the prices of metals and other exports from Russia and Ukraine, particularly aluminum and wheat.

AIB economist Daniel Noonan said in a note this morning that investors are now no longer expecting the ECB to raise interest rates this year.

Futures contracts indicate that the market now expects gains of up to 0.15pc by year-end, he said. Traders were expecting up to two rate hikes up to 0.25pc each.

Rising prices have eroded wage growth in the last three months of 2021, figures from the Central Statistics Office revealed this week.

While average hourly earnings rose 2.6 percent in the fourth quarter, compared with 2020 — and average weekly earnings rose 2 percent — inflation has been at more than 5 percent since October. .

The Bank of Ireland’s latest economic conflict survey showed consumer confidence took a hit in February due to a higher cost of living, while four out of five companies said they were feeling the pinch. found to be suppressed by rising non-labor costs.

The Bank of Ireland said house price expectations were also on the rise, with 84% of household heads expecting prices to rise over the next 12 months, while 37% of businesses called for a boost in home construction to revive the economy. local economy and make way for foreign workers.

New research from UK-based insurance broker CIA Landlord shows that Dublin is the second most expensive city in Europe for renters, after London.

Dublin is the sixth most expensive city in the world for renters, behind Monaco, London, Washington DC, Hong Kong and Singapore, the study found.

https://www.independent.ie/business/irish/irish-prices-rose-57pc-in-february-eurostat-41402424.html Irish prices up 5.7pc in February – Eurostat

Fry Electronics Team

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