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Euro zone inflation reached a new record high of 8.9% year-on-year in July, the EU’s statistics office has confirmed, with the core measure, excluding the most volatile components and key for monetary policy, also sharply up. The European Union’s statistics office Eurostat said consumer prices in the 19 countries using the euro rose 0.1% month-on-month…

Toll income on the country’s busiest road, the M50, surged 13% to €140 million last year as traffic volumes recovered from the early phases of the pandemic. The 2021 annual report by Transport Infrastructure Ireland (TII) shows however that the €140 million in toll income – which includes €7.5 million in penalty income – falls…

Electricity supply companies may be charged more for their customers to use electricity between the hours of 5pm to 7pm, according to the Economic and Social Research Institute. The Commission for Regulation of Utilities (CRU) has launched a two-week consultation asking industry and electricity providers how they intend to reduce energy usage. Speaking on RTÉ’s…

The euro zone inflation outlook has failed to improve since a July rate hike, European Central Bank board member Isabel Schnabel said, suggesting she favours another large interest rate increase next month even as recession risks harden. The central bank for the 19-country bloc surprised investors with a 50-basis-point rate hike last month fearing that…

The value of personal loan drawdowns increased by 20.1% in the second quarter of this year to €414 million, compared to the second quarter of last year. The report on personal loans by Banking & Payments Federation Ireland shows continued strong growth in activity, the most since the data series began in 2020. On an…

The turnover of Irish-owned multinationals reached €238bn in 2020, down 7% when compared to the previous year. New figures from the Central Statistics Office (CSO) show the US generated more than 39% of such turnover, while almost 17% was generated from the UK. Irish-owned foreign affiliates employed more than 1.2 million people in 2020, up…

New data indicates an accelerated decline in Irish construction activity in July, as demand fell sharply amid strong inflationary pressures. In turn, firms scaled back their purchasing activity and took a cautious approach to hiring, according to the latest BNP Paribas Real Estate Ireland Construction PMI. It shows companies were pessimistic towards the 12-month outlook…

Inflation and the shortage of talent are the two biggest concerns facing Irish businesses in the coming year, according to a new survey of executives here. Research by business law firm Mason Hayes & Curran and the Irish Management Institute found that 85% of firms see higher costs as having the greatest impact on their…

Oil prices rose by about 1% on Tuesday, erasing earlier losses, as the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports, and bleak economic data from top crude buyer China limited gains. Brent crude futures rose 72 cents, or 0.8%, to $95.82 a barrel by 1219 GMT,…

Consumer prices rose by 9.1% in the year to July, the same level of inflation as in June, the latest Central Statistics Office figures show today. This marked the first time since the start of the year that price growth has not accelerated on a year-on-year basis, the CSO figures show. Inflation is standing at…