We are acutely aware of the hardships that current high price increases cause and our actions are aimed at ensuring the benefits of price stability for households, businesses and the wider economy are realised.
In Ireland, and as outlined in our July Quarterly Bulletin (QB), the evidence suggests that economic activity has weakened as the year has progressed, tempering the strong post-pandemic recovery that had been underway. That recovery from the most severe aspects of the pandemic is most evident in the labour market, with the unemployment rate now at 4.5 per cent.