Dublin: Gabriel Makhlouf, Governor of the Central Bank of Ireland, has stated that the high cost of living has reduced the standard of living in Ireland. Speaking to the Parliamentary Committee on Finance, Public Expenditure, and Reform, the governor mentioned the decline in the standard of living caused by the cost of living.
The cost of living has risen dramatically in the last year. According to Makhlouf, inflation has recently slowed but remains very high. The Governor said that the inflation has affected the lower class families the most.
He cited the Ukraine conflict, the energy crisis, rising inflation, labour market and supply chain issues, and the impact of the pandemic as all factors affecting economic activity last year.
In December, the country’s inflation rate had risen to 8.2 percent. The governor stated that it was hoped that government measures would reduce inflation to a moderate level. But 2023 is expected to be a repeat of last year. The governor also expressed his scepticism that this trend would continue in the coming years.
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