The rate of inflation in Ireland has hit a 38-year high as the price of bread and pasta soar.
There are many indicators that a global recession is on the way, such as the European Central Bank raising their interest rates for the first time in 11 years amid runaway global inflation. And Finance guru Eddie Hobbs previously warned a slump would hit in Autum, saying: “We will likely be in recession by early Autumn, but definitely by Winter. All the signs are there."
The Central Statistics Office's latest Consumer Price Index shows inflation is at 9.1% to the year ending June 2022 - the highest rate of annual inflation since 1984. The average cost of a 800g pan of sliced white bread was up 13.9 cent to the year ending May 2022 while the brown sliced pan was up 16.1 cents in the same year. A 500g packet of spaghetti shot up by 18.3 cent.
