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Grocery price inflation falls to 2.6% in May from 13.3% last year
New figures from Kantar show that grocery inflation stood at 2.6% in the 12 weeks to May 12, down from 13.3% the same time last year and the lowest level since March 2022. Today’s figures also show that take-home grocery sales rose by 4.7% in the four weeks to May 12, with volumes per trip…
Read MoreLack of funding the main barrier to innovation by firms
60% of Irish based businesses say a lack of funding is the main barrier they face when it comes to increasing their innovation levels, new research has found. 41% of those surveyed also said the time consuming nature of the grant administration was a large obstacle when it comes to research, development and innovation (RDI)…
Read MoreLowest rate of annual increase in employment in three years – CSO
The number of people in employment in the first quarter of the year stood at 2.7 million, a rise of 1.9% or 51,500, compared to a year ago. The annual change of 1.9% is the lowest annual increase in three years. The latest Labour Force Survey from the Central Statistics Office shows that 2,704,200 people…
Read MoreEU critical materials rules could lead to new Irish mines
New EU rules have come into effect aimed at ensuring the union has access to a secure and sustainable supply of critical raw materials. The Critical Raw Materials Act (CRMA) is focused on protecting access to materials that are considered to be of high economic importance to the EU, but vulnerable to supply disruption. At…
Read MoreMortgage approvals up again in April driven by first time buyers
New mortgage approvals rose again by both value and volume in April, driven by continued strong demand from first time buyers. The Banking & Payments Federation Ireland (BPFI) said a total of 4,446 mortgages were approved last month. That is up 17.7% month-on-month and by 14% compared with the same period last year. In total…
Read MoreRevenue issues new guidance on employment status
Revenue has published new guidance on determining the employment status of workers for tax purposes. It follows a recent Supreme Court judgement relating to Domino’s Pizza delivery drivers. In October 2023, the court ruled that the drivers should be treated as employees and not contractors. The case related to delivery drivers working on 2010/2011 contracts…
Read MoreECB can start cuts before Fed, says Finnish bank governor Rehn
The European Central Bank did not have to take its cues from the US Federal Reserve and could start to lower rates as soon as June, Bank of Finland governor Olli Rehn has told AFP. “While we don’t make policy in a vacuum, the ECB is not the 13th Federal district of the US Federal…
Read MoreAnnual wholesale electricity prices fell by almost 30% in April – CSO
Wholesale electricity prices – the prices that suppliers pay to generators – fell nearly 30% in the 12 months to April, the latest Central Statistics Office figures show. Wholesale electricity prices had rocketed in the period after Russian invasion of Ukraine, and today’s figures show they have fallen back nearly 60% since April 2022 and…
Read MoreUK inflation falls less than expected, dashing June rate cut hopes
Inflation in Britain fell by less than expected in April and a key core measure barely dropped, prompting investors to pull bets on a rate cut next month which could have boosted embattled Prime Minister Rishi Sunak before an election this year. UK consumer prices rose by an annual 2.3% last month, down sharply from…
Read MoreEurope sets benchmark for rest of the world with landmark AI laws
Europe’s landmark rules on artificial intelligence will enter into force next month after EU countries today endorsed a political deal reached in December, setting a potential global benchmark for a technology used in business and everyday life. The European Union’s AI Act is more comprehensive than the US light-touch voluntary compliance approach while China’s approach…
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