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New figures from the Central Statistics Office show the price of wholesale electricity in June rose by 11.3% from May, but fell by 35.6% compared to June of last year. The CSO said that the overall Energy Products Index increased by 9% since May of this year but slowed by 33.5% when compared with June…

The number of new homes that building work commenced on in June was down 16% on the previous month. However, compared to June of last year, the number of commencement notices lodged for residential properties was up 25%. In June work began on a total of 2,574 new homes around the country, down from 3,059…

The chief economist at stockbroker Goodbody said he supports a proposed new capital spending stabilisation fund for the country’s “embarrassment of riches”. “The public finances have been the story of 2023 for the Irish economy,” Dermot O’Leary said. While he acknowledged that a sovereign wealth fund for corporation tax revenue is a good idea, he…

The European Central Bank will raise interest rates by 25 basis points on July 27, according to all economists in a Reuters poll, a slight majority of whom were now also expecting another hike in September. Inflation in the euro zone has almost halved, down to 5.5% in June from a peak of 10.6% last…

Ireland has one of the biggest gaps in home ownership between younger and older people in western Europe, a new study has found. The research by the Economic and Social Research Institute found that nearly 80% of people over the age of 40 in Ireland own their own home, but that just a third of…

The June sunshine boosted spending in pubs by 28% compared to the previous month, new figures from AIB show. Spending in hotels jumped by 12%, while restaurant spend increased by 7%. The data shows that spending in pubs and restaurants peaked on 24 June, the day of Dublin Pride. “This information is vital for businesses,…

The Tax Strategy Group paper on income tax has examined the issue of refundable tax credits. This is when those on low incomes do not earn enough to use up all of their available tax credits. A change would allow these taxpayers to receive the value of the unused credits. The Tax Strategy Group is…

A €1 increase in the personal rates of all weekly paid social welfare schemes in October’s budget would cost €69.4 million, according to new estimates. If an additional €1 was also to be paid to dependent adults and children, it would cost €89.4 million. While a €1 increase in the personal rates of all weekly…

Hairdressers and restaurant owners have warned that if the reduced 9% VAT rate increases back to 13.5% again as planned at the end of August, it will put some out of businesses. In February the Government extended the 9% VAT rate further until September 1 as part of measures to assist those in the tourism,…

Fuel prices remained stable in July and are virtually unchanged compared to June, the latest AA fuel prices survey shows. The average petrol price is €1.65 in July, the same as in June, with the average price for diesel rising by a marginal two cents to hit €1.55. “Following the duty increases last month, we…