Inflation drops put ECB under pressure to cut rates

Annual rate of price increases declined to 2.3% during November as the cost of energy dropped significantly
Inflation drops put ECB under pressure to cut rates

Energy prices in Ireland fell 5.8% month-on-month and by 9.9% compared to last year. Picture: PA

New EU inflation data for Ireland shows the annual rate of price increases declined to 2.3% during November as the cost of energy dropped significantly.

Similar drops were seen in Germany and Spain bolstering the case for the European Central Bank (ECB) to start cutting interest rates early next year as the eurozone economy teeters on the edge of a recession.

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