Central Bank: Build resilience to protect against energy shocks 

Government should focus on building energy independence, meeting our climate targets and become less dependent on fossil fuels, bank says

In its latest quarterly economic bulletin, the Central Bank said the ongoing war in the Middle East, and the subsequent higher oil and gas prices, are expected to lead to lower growth and higher inflation than previously anticipated

The Government should focus on building resilience in the economy and moving closer to energy independence to protect against future energy shocks that have the potential to drive up inflation and drag down growth, the Central Bank of Ireland has said.

In its latest quarterly economic bulletin, the Central Bank said the ongoing war in the Middle East, and the subsequent higher oil and gas prices, are expected to lead to lower growth and higher inflation than previously anticipated. The extent of the impact will depend on the length of the conflict as well as the damage caused to critical oil and gas infrastructure.