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A once-off fuel allowance payment of €125 will be paid to recipients this week. The measure was announced last month as part of the Government package to tackle the rising cost of living. Fuel prices are one of the main drivers of rising inflation, while the war in Ukraine has also pushed costs higher. Last…

Fuels for Ireland, the industry body for fuel suppliers and retailers, has written to Taoiseach Mícheál Martin to express its members’ deep unhappiness at what it claims have been misleading statements about the sector. The organisation also said that comments made by Mr Martin suggesting the actions of the organisation’s members were morally reprehensible should…

The annual rate of inflation rose to 5.6% in February, according to the latest figures from the Central Statistics Office. This is the highest annual rate in almost 21 years. Today’s CSO figures show that the main contributor to inflation remains fuel and energy. Unfortunately, inflation is almost certain to climb higher because February’s figures…

The European Central Bank has scaled back its bond-buying stimulus plan in response to inflation being driven up by the war in Ukraine, while giving itself more flexibility on the timing of a potential interest rate rise this year. “The Russian invasion of Ukraine is a watershed for Europe,” the ECB said in a statement…

The price of petrol and diesel has been reduced since midnight. Late last night, the Dáil voted in favour of a cut in excise on petrol and diesel. The reduction is 20 cent per litre on petrol, 15 cent per litre on diesel and a cut of 2 cent per litre on green diesel. The…

Minister for Finance Paschal Donohoe has said Ireland is not in a position to place a cap on rising fuel prices, as it is a country that must buy the majority of its own fuel. Asked about the prospect of price regulation – which has been called for by the Opposition and touted by the…

New figures from the Central Bank show that Ireland had the second highest mortgage rates in the euro area in January, coming just after Greece. The Central Bank said the average interest rate on new Irish mortgages was 2.76% in January, up from 2.69% in December but down three basis points on the same time…

It is expected that a proposal will go before the Dáil today that will cut fuel costs through a reduction in excise duties. The changes would then take effect from midnight if, as expected, the Dáil passes the financial resolution. Work was ongoing at the Department of Finance late last night on proposals to decrease…

The battered euro took a breather today ahead of this week’s European Central Bank meeting, while commodity currencies eased from recent peaks as investors reckoned war-driven surges in energy, grains and metals could crimp long-term demand. The euro hovered around $1.0913 in Asian trade, a modest recovery from Monday’s 22-month low of $1.0806. The euro…

Two new statutory codes of practice have been launched to help eliminate pay inequality and tackle workplace harassment and sexual harassment. The measures were developed by the Irish Human Rights and Equality Commission. The new codes of practice, published in the week of International Women’s Day, set out the procedures and steps to ensure that…