ESRI report first simultaneous unemployment and inflation rise in 20 years

RISING unemployment and rising inflation is not the kind of scenario to spark Christmas cheer.

But that was the sobering news from the Economic and Social Research Institute as we face into the festive season. What’s more the ESRI notes that for the first time in 20 years inflation and unemployment are rising simultaneously.

Sustaining the grim news the ESRI warned of further deterioration in economic growth forecasts for 2003, to add insult to injury.