End to inflation crisis may be in sight as high interest rates bite

Rate of price rises has fallen sharply in both US and Europe – while Ireland’s inflation rate, though also down, is still above average at 3.6 per cent

Crowds shopping in Grafton Street, Dublin: higher interest rates have been absorbed to date here with no real signs of significant distress

Whisper it cautiously, but for the first time in two years an end to the inflation crisis may finally be in sight.

The last week has been an extremely positive one as a stream of new data shows higher interest rates are starting to have a meaningful impact on inflation, which has gripped advanced economies since the outbreak of war in Ukraine.

In the US, the latest consumer price data shows that the inflation rate ...