Inflation Rates In March Were At 6.9%

Wednesday, 6 April 2022 14:33

By Caoimhe Harney

It was the highest monthly figure in 40 years..

The Central Bank says turmoil in Europe has reduced household incomes, led to higher costs for businesses, and hindered Ireland's economic recovery.

Russia's invasion of Ukraine and the Covid-19 pandemic continue to affect the Irish economy.

It has said the average inflation rate for the rest of the year will be 6.5%.

A rate of 6.9% was recorded last month,which is the highest in nearly 40 years.

However, the Central Bank predicts Ireland’s domestic economy will grow by 4.8% in 2022.

Meanwhile, The hospitality industry is still recovering from the Covid restrictions imposed on the sector.

The Oireachtas Tourism Committee will hear how there's an estimated 40,000 vacancies across the industry this afternoon.

The Monthly Unemployment rate for March 2022 was 5.5% for all persons aged 15-74 years.

Head of the Irish Economic Analysis, Central Bank, Martin O Brien discussed the inflation rates on Wednesday morning's Kildare Today with Clem Ryan:

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