EU sees Irish inflation falling to 3.3% next year, and economy to still perform strongly

Irish inflation under its measure of inflation will fall to an average of 7.3% this year and then to 3.3% in 2023.

Irish inflation under its measure of inflation will fall to an average of 7.3% this year and then to 3.3% in 2023.

Irish consumer price inflation is set to fall back sharply to 3.3% next year, if this year's huge global surge in gas and oil prices caused by the Russian invasion of Ukraine is not repeated, the European Union Commission has projected.

In new summer forecasts, the Commission pared its projections for Ireland's economic growth but still sees the Irish economy performing exceptionally well. And it predicts the eurozone economies will avoid recession, despite the huge squeeze on living standards and the risk of stagflation haunting Europe amid the fallout of the war.