Out of office: Your essential round-up of the latest business news

Figures from the Central Statistics Office showed that the annual rate of inflation rose to 1.7 per cent in May, its highest rate in two years. The cost of energy was the most significant factor in the price gains, with knock-on increases in petrol, diesel, home heating oil, electricity and gas during the month. The price of energy products increased 12.4 per cent on an annual basis while utilities increased 6.4 per cent.

The Banking and Payments Federation Ireland (BPFI) said in its latest Housing Market Monitor that a combination of lack of housing supply and rising construction costs could exacerbate property affordability issues in the years to come. BPFI said that housing supply is not likely to come close to meeting demand until at least the end of 2024.