Inflation in Ireland Hits 6.3% in April: Prices Continue to Rise for Households

According to Eurostat and the Central Statistics Office (CSO), prices in this country have surged by 6.3% in the year leading up to April, with food prices rising by almost 13% and energy prices up by 12.1%. The rise in costs for households continues to shoot up at a rapid rate, with corporations boosting their profit margins cited as a key factor behind high inflation levels. High inflation is a concern for the European Central Bank, with persistent inflation across the Eurozone leading to another interest rate rise set to be announced soon. The International Monetary Fund also called on the ECB to keep raising interest rates until the middle of 2024 and on EU finance ministers to tighten fiscal policy in order to bring down high inflation. It is estimated that another three rate rises will push up the cost of new fixed rates, making it more difficult for first-time buyers to afford a home. Financial advisers are recommending to those in fixed-rate arrangements to break out of them early and re-fix before rates rise even higher.