Inflation Could Reach Heights Not Seen Since 1984
Ireland is set to witness inflation not seen since 1984 according to the ESRI’s latest Quarterly Economic Survey,
Inflation could hit 8 and a half percent by the summer before averaging out at 6 point 7 per cent across the year .
The spike in inflation has led to calls for a rise in the the national minimum wage as the high rate could translate as double digit inflation for low income households which spend disproportionately high percentages of their incomes on essentials such as heating and food.
A previous report by an SIPTU economist claims that inflation for low income households currently runs at 3 percent above the headline national rate of inflation.
Connor O’Toole of the ESRI’s Economic Think Tank says the Russian invasion of Ukraine will have a negative impact on our economy but Ireland will see growth this year.