Cost of living crisis to deepen in coming months, Central Bank warns

More price hikes on the way due to ‘chain of events’ set off by Russia’s invasion of Ukraine

Energy and food prices are likely to ‘rise more substantially over the coming months’. Picture: Rollingnews.ie

Russia’s invasion of Ukraine has sparked a “chain of events” that will hit Irish economic growth and exacerbate prices rises over the next number of years with further increases in the cost of food and energy expected within months, the Central Bank of Ireland has warned.

The regulator today warned that prices were set to increase by 6.5 per cent this year and continue rising albeit at a slower rate in both 2023 and 2024. ...