Inflation rate has more than doubled

THE rate of inflation has more than doubled since March to 2.9% and could fall to 2.2% next year.

However, the headline inflation rate for the year is set to hit 2.4% to 2.2%, brought down by low rates of inflation earlier in the year, which fell to 1.3% in March. This will be Ireland’s lowest annual average inflation rate since 1999 when the annual inflation rate was 1.9%.

IIB Bank chief economist Austin Hughes said Irish inflation will be very modest next year.