Dan O’Brien: When it comes to the inflation crisis, I’m on ‘team transitory’

With the worst of the European winter mostly behind us, demand for energy should fall back in the usual seasonal pattern. Provided war in eastern Europe does not disrupt energy imports, energy prices should move back towards longer run averages in the months to come

Last month, the annual rate of inflation in Ireland was 5 per cent, much the same as across the eurozone (5.1 per cent). Picture: Getty

It has been aeons since inflation was discussed as much as it is these days. For almost a decade across the western world, and in Europe in particular, inflation was as dead as a dodo. Indeed, just a few years ago, European central bankers – those charged with targeting the rate of Irish and eurozone price increases – believed it was unhealthily low.

In the hope of bringing the rate of consumer price inflation closer ...