Economics

ESRI: Inflation has ‘seeped into’ more corners of the economy and will remain higher for longer

Kieran McQuinn, a research professor at the ESRI, said the Irish economy was struggling with price increases in areas such as food and housing

Kieran McQuinn, a research professor at the ESRI, said the domestic Irish economy would continue to grow this year despite price pressures. Picture: Mark Stedman

Inflation will remain higher for longer than had been forecast as price increases have seeped into other areas of the economy, the Economic and Social Research Institute (ESRI) has said.

The think tank, which has slashed its growth forecasts for the Irish economy, said it expected inflation to fall to “just over 3 per cent” next year but warned that the rate of decline was slower than anticipated.

Kieran McQuinn, a research professor at the ...