Republic’s inflation rate rises again to 9.6% in June

Fri Jul 1 2022 - 12:44

The inflation rate has now hit its highest level since records began to be kept for the Euro area in 1997. It comes as the European Central Bank gears up for its expected first rate hike in 11 years amid pressure to curb inflation. Belgium, Spain, Cyprus, Luxembourg, the Netherlands, and Portugal like Ireland had inflation rates around the 10 per cent mark, while France came in lower at 6.5 per cent, Germany at 8.2 per cent and Italy at 8.6 per cent.

At more than four times the ECB's 2 per cent target, inflation is so high it is at risk of getting stuck at uncomfortable levels as businesses and workers adjust their pricing and wage behaviours to the new reality.

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