The recovery in demand since the pandemic abated has been tempered by the effects of the Russian invasion of Ukraine and more persistent supply-side challenges. While the economy is still forecast to grow in 2022, higher and mostly externally-driven inflation will weigh on households and businesses in the short term. Uncertainty around the medium-term outlook remains high. However, the central expectation is that inflation will start to decline during the second half of this year, falling to just above 2 per cent in 2024.
Read this chapter in full: The Irish Economy.
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