ESRI expects headline inflation to moderate to 4.5% this year but warns underlying price growth may be more difficult to bring down via IrishTimesBiz
“Such a policy could take longer to be effective and thus presents downside risk to the global macroeconomy particularly in light of recent difficulties amongst certain financial institutions,” it said.
The aggressive sequence of rate rises implemented by the ECB and others has caught out several big financial institutions, most notably Silicon Valley Bank and Credit Suisse, fuelling fears of another banking crisis. It noted that the two sectors accounted for the majority of corporation tax receipts and exports and “have contributed significantly to recent employment gains”.
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