Editorial: Government must take long view on latest economic crisis

Putin’s war on Ukraine has shone a light on Europe’s dependence on Russian fossil fuels and further underlines the importance of turning quickly to renewable energy

Paschal Donohoe, the Minister for Finance: the department estimates that inflation will peak at somewhere between 6.75 per cent and 8.5 per cent later this year. Picture: Getty

The Department of Finance’s conclusion that the country is facing a period of “higher-for-longer” inflation means that each and every home and business in the country will feel the effects of rising prices for some time to come.

After years of grappling with runaway rents and soaring house prices, the economy is now experiencing widespread price rises at a level not seen since the early 1980s.

Estimates from Paschal Donohoe’s department and other experts such ...