The European Central Bank is to increase interest rates by 0.25% in July.
It will end a decade-long bond-buying scheme, introduced off the back of the financial crash where rates were below zero.
It comes as the rate of inflation in Ireland increased by 7.8% to the end of May.
ECB president Christine Lagarde says they're looking at further increases in interest rates in September:
"The calibration of this rate increase will depend on the updated medium term inflation outlook. If the medium term inflation outlook persists or deteriorates, a larger increment will be appropriate at our September meeting."
