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09/04/2009
Inflation Lowest In Over 70 Years
The rate of inflation is now running in negative numbers, and in a state of deflation at 2.6%, a level not seen since 1933.
The latest figures from the Central Statistics Office show consumer prices fell by 2.6% in March, the third month of price falls in a row.
The fall means prices of goods and services are now at the same level as August 2007.
One of the major contributing factors in has been the rapid decline in interest rates after several rate cuts by the European Central Bank.
It was hoped that the falling rates would reinvigorate the property market, but this has been challenged today by the AIB. The bank says the reduction in mortgage interest rates and falling house prices are unlikely to revive the property market.
A spokesman for the bank said not expect the tax increases announced in Tuesday's Budget to affect affordability for first-time buyers, while its housing market bulletin for April predicted no pick-up in the sector.
The bank said concerns about the current economic climate and job security are the main factors contributing to the falling mortgage uptake.
(DW/JM)
The latest figures from the Central Statistics Office show consumer prices fell by 2.6% in March, the third month of price falls in a row.
The fall means prices of goods and services are now at the same level as August 2007.
One of the major contributing factors in has been the rapid decline in interest rates after several rate cuts by the European Central Bank.
It was hoped that the falling rates would reinvigorate the property market, but this has been challenged today by the AIB. The bank says the reduction in mortgage interest rates and falling house prices are unlikely to revive the property market.
A spokesman for the bank said not expect the tax increases announced in Tuesday's Budget to affect affordability for first-time buyers, while its housing market bulletin for April predicted no pick-up in the sector.
The bank said concerns about the current economic climate and job security are the main factors contributing to the falling mortgage uptake.
(DW/JM)
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BoI Slammed For Keeping Standard Variable Rate At 4.5%
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BoI Slammed For Keeping Standard Variable Rate At 4.5%
The Bank of Ireland (BoI) is being slammed for keeping its standard variable rate at 4.5%. The bank reduced its fixed mortgage rate, however it is refusing to cut its "ridiculous" variable rate and is instead effectively trying to force existing customers to lock in to a two year fixed rate, according to Fianna Fail.
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Ireland WeatherToday:A dry start to Monday but with some mist or fog patches, sunny spells elsewhere. Showers developing during the afternoon, particularly in the west, these heavy and thundery. Maximum temperature 21 °C.Tonight:Showers in the west soon dying off this evening. Patchy cloud and clear spells through the first part of the night but further showers later. Minimum temperature 11 °C.
