Oireachtas Joint and Select Committees

Tuesday, 15 July 2025

Committee on Budgetary Oversight

Quarterly Economic Commentary: Economic and Social Research Institute

2:00 am

Photo of Máire DevineMáire Devine (Dublin South Central, Sinn Fein) | Oireachtas source

There was high inflation between 2022 and 2023 with Covid and Russia's invasion of Ukraine and then there was stabilisation between 2023 and 2024. However, in October of last year, it started to rise again, and across the eurozone. Do the ESRI know of a concise summary of the domestic and outside influences on that? Is it attributable to Israel's genocide in Gaza or its attacks on Iran and the war it started there as well? Is it Russia's continuing war of aggression on Ukraine or is it just US tariffs? Is it all that mishmash put together in a very unstable and uncertain world?

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