Quarterly Bulletin No.2 2023

Read the full Comment for Quarterly Bulletin No.2 2023.

Léigh tráchtaireacht ar an Timpeallacht Gheilleagrach.

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With global energy and food prices continuing to ease, domestic factors are beginning to play a more important role in the inflation outlook.

Read this chapter in full: The Irish Economy

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The Government’s fiscal response to COVID-19, cost of living pressures and humanitarian support for Ukraine resulted in an increase in government spending of €35 billion between 2020 and 2022.

Read signed article in full.

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After peaking at elevated levels towards the end of 2022, inflation in major advanced economies has been on a declining path.

Read in full: The International Economic Outlook

This Box provides an overview of the latest developments in Irish non-financial corporation (NFC) and household credit, spending and saving activity.

Read in full: Spending, credit, and deposit activity of Irish households and businesses

In response to higher inflation in the euro area, the ECB began to raise interest rates in July 2022, and since then has raised them by 400 basis points (Figures 1 and 2).

Read in full: Modelling the macroeconomic impact of the ECB’s monetary policy tightening on the Irish economy

The surge in input costs over the past two years has led to a marked increase in the prices faced by producers and wholesalers in Ireland.

Read in full: Impact of Pipeline Pressures on the Inflation Forecasts

The high rate of inflation in Ireland since mid-2021 has been largely driven by external factors, such as the global supply chain disruption arising from the COVID-19 pandemic and the surge in the prices of globally traded commodities following the Russian invasion of Ukraine in February 2022.

Read in full: Wages, profits and productivity in an inflationary environment

The headline rate of inflation in Ireland moderated to 6.3 per cent for April 2023, while core or underlying inflation that is exclusive of volatile energy and food components stood at 4.3 per cent.

Read in full: Inflation and earnings expectations: Survey evidence from Ireland