Archive for September 2022

New Central Statistics Office figures show that households in the second quarter of this year continued to save more than they did pre-Covid, despite inflationary pressures. The CSO said the average household saved just over 19% of its income in the second quarter. While this was down on the Covid pandemic peak of nearly 34%,…

Oil prices fell today with the global fuel demand outlook overshadowed by Covid-19 restrictions in China and the potential for further interest rate hikes in the US and Europe. Brent crude futures dropped $1.01, or 1.1%, to $91.83 a barrel in early trade, after settling 4.1% higher on Friday. US West Texas Intermediate crude was…

The euro jumped to a more than three-week peak to the dollar today, and sterling rose to the highest this month as European Central Bank officials pushed the case for further aggressive monetary tightening. The greenback idled not far from a two-week low against a basket of peers ahead of key US inflation data this…

The Minister for Public Expenditure has promised that help is on the way, in response to increases in inflation and interest rates announced earlier. Speaking this afternoon in Cork, Michael McGrath said the Government is finalising what he described as a Budget like no other, which will be delivered in less than three weeks. He…

EU energy ministers will attempt to forge a united response to the energy shock from Russia’s war in Ukraine that has sent prices for electricity and heating skyrocketing. The invasion has seen the price of natural gas hit record levels, throwing the EU economy into deep uncertainty with all eyes on whether Russian President Vladimir…

Annual inflation slowed for the first time in seven months in August, with prices up 8.7% compared to a 38-year high of 9.1% in the previous two months, new figures from the Central Statistics Office show. Prices were 0.2% higher on a monthly basis, which was also the slowest level of growth since January. The…

The European Commission is proposing a mandatory reduction in electricity use during peak hours as part of sweeping new measures to tackle the energy crisis. Other measures include a price cap on energy companies who produce electricity through low carbon methods – such as renewables – but who have availed of artificially high revenues because…

Oil prices rose by as much as $1 per barrel today after dropping below key technical support levels in the previous session, as an energy standoff between Europe and Russia focused investor minds on how tight fuel supply may become. Brent crude futures gained 63 cents, or 0.7%, to $88.63 per barrel this morning after…

The European Central Bank’s Governing Council meets today and is widely expected to agree an increase in interest rates. Inflation in the euro area escalated over the summer months as the energy crisis continues to intensify. The European Central Bank increased interest rates in July by 0.5%. It is now speculated that rates could be…

Green Party leader Eamon Ryan has said there will be another form of universal energy credit and new measures for small business in this month’s Budget to help people manage increases in the cost of living. The Cabinet is meeting at Dublin Castle this morning to discuss an energy reduction plan for the public sector,…