Archive for June 2023

European new car registrations increased in May, data from the region’s carmaker association showed today. The number of new vehicles registered that month in the European Union, Britain and the European Free Trade Association (EFTA) grew by 18.2% to 1.12 million units year on year, the European Automobile Manufacturers Association (ACEA) said. In the European…

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…

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…

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.…

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…

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,…