Ireland sees lower than forecast inflation in 2023


Published Jan 28, 2023 10:53AM ET

DUBLIN (Reuters) - Ireland's finance department said inflation is expected to be lower this year than the 7.1% rate it forecast last September, with a significant easing anticipated from the second quarter due to a sharp fall in wholesale gas prices.

Annual Irish inflation slowed to 8.2% in December after hitting a 38-year high of 9.2% two months earlier. The finance department said on Saturday that the easing in wholesale prices supported the idea that inflation had peaked and was on a downward trajectory.

The updated analysis was contained in an assessment of the government's Temporary Business Energy Support Scheme (TBESS), introduced late last year to provide firms with up to 40% of the increase in energy bills up to 10,000 euros per month.