The European Central Bank is expected to raise interest rates today for the first time in 11 years - which may mark the beginning of a recession.
The move marks the end of an era of low interest rates and steady growth. The ECB is expected to increase their rates by at least 0.25% and as much as 0.5% in an effort to tackle runaway global inflation and the cost of living crisis.
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.
Read more: Dublin's economy faces 'slow down' as Eddie Hobbs might be proven right
And the energy crisis looks like it will get worse as Russian President Vladimir Putin has threatened to cut Europe's gas supplies if the EU continues to support Ukraine. The EU has warned that gas rationing may need to be implemented as Russia supplies 40% of the EU's gas supply.
Further increases to gas and electricity bills are to be expected if supplies are curtailed. Despite Ireland's gas - which we use to generate around half of our electricity - coming from Norway, our energy bills are still expected to rise due to sky rocketing demand across the EU.
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. The projections match the words of Finance Guru Eddie Hobbs who said a recession in early Autumn was "likely".
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