Ireland Unlikely To See Interest Rate Cuts Early This Year

Friday, 5 January 2024 10:24

Also in your business headlines, the Finance Minister believes the cost of living crisis will ease this year.

Ireland is unlikely to see interest rate cuts in the very early months of 2024.

This is due to inflation being 'more stubborn,' according to an economist.

Inflation increased to 3 point 2 per cent in the year to December, up from 2 point 5 per cent in November.

Economist Austin Hughes says inflation went up because although energy prices fell, they didn't drop as fast as a year ago.

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The Finance Minister says he believes the cost of living crisis will ease this year.

Households across the country have seen dramatic increases in their everyday living costs in the last two years.

Although energy prices have started to come down, as have prices for other goods such as groceries with a number of supermarkets announcing cuts in recent days.

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Revenue saw record tax receipts in 2023.

€87.2 billion in taxes and duties were collected for the exchequer.

Over €26 billion was collected on behalf of other Departments, Agencies and EU Member States.

The receipts were underpinned by high timely compliance rates across all taxes, according to Revenue.

Ireland West Airport, or Knock Airport, says 2023 was its busiest year on record.

It says 818,000 passengers passed through its terminal for the first time ever.

The previous record was 809,000 in 2019.

2023's total is 13% higher than 2022.

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