The European Central Bank has increased interest rates by 0.5% in an effort to tackle runaway inflation.
The move marks the end of an era of historically low interest rates which many believe may be the beginning of a recession. The Russian invasion of Ukraine and the subsequent fuel and energy crises are to blame for inflation which has sky rocketed to 9.1% in Ireland and 8.6% across the eurozone.
Increasing interest rates are a factor in what many believe is the onset of a recession. It comes as the latest survey of Dublin's economy shows the rate of increase is in decline which could result in a "slow down" in the second half of the year.
