We need your help now
Support from readers like you keeps The Journal open.
You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.
If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.
Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
By continuing, you are indicating that you accept our Terms of Service and Privacy Policy.
INFLATION IN THE eurozone fell further than expected in December, raising hopes that the European Central Bank may be able to further reduce interest rates.
Annual inflation in the 17 eurozone countries was 2.7 per cent in December, which was revised down from an earlier estimate of 2.8 per cent, according figures released by the EU’s statistics office Eurostat (an annual rate measures the price change between the current month and the same month of the previous year).
The lowest annual inflation rates were observed in Sweden (0.4 per cent), Malta (1.3 per cent) and Bulgaria (2.0 per cent), while the highest were in Slovakia (4.6 per cent), Poland (4.5 per cent) and Cyprus (4.2 per cent).
Eurostat says lower energy prices are responsible for much of the drop in inflation.
Although inflation has been running above the European Central Bank’s target of just below 2 per cent, the bank cut interest rates in both November and December, taking the benchmark rate back to the joint record low of 1 per cent.
The bank expects inflation to drop back further in the coming months as high unemployment keeps a lid on wage demands and last year’s spike in energy and commodity prices drop out of the annual comparison.
Further cuts in the main euro interest rate, the refi rate, are widely predicted over the coming months as the eurozone economy appears to be heading back into recession in the face of a debt crisis that’s dented economic confidence.
“We believe that, with the ECB feeling (relatively) at ease about inflation prospects over the medium term, it will cut the rate down to 0.50 percent,” said Gustavo Bagattini, European economist at RBC Capital Markets.
Inflation also dipped in December in the United Kingdom, with Consumer Price Index (CPI) falling to 4.2 per cent from 4.8 per cent in November, according to figures released by the UK’s Office for National Statistics. The office points out that the last time there was a larger fall in CPI annual inflation was between November and December 2008.
Similarly, Retail Prices Index (RPI) inflation in the UK fell from 5.2 per cent to 4.8 per cent – the largest fall in annual inflation since between May and June 2009.
Data for Ireland for December 2011 was not available in time of publication. However figures released by the Central Statistics Office for November show that the CPI remained unchanged that month and, as a result, the annual rate of inflation increased to 2.9 per cent, up from 2.8 per cent in October 2011.
Meanwhile, Retails Sales Index figures from the CSO for November show a 1.6 increase in the volume of retail sales in comparison with the previous month and an annual decrease of 0.8 per cent.
Additional reporting by the AP
To embed this post, copy the code below on your site
Now all they have to do is catch the thousands of others
Make an example of them!
Don’t forget to claim the ‘oul disability there, Seimi boy.
Seamus, you’re defending dole scroungers?
“During the searches a large number of documents were seized and five people arrested”, fair play. If only such a clinical approach could be applied to Anglo Irish Bank.
Press release from the guards, took me all of 30 seconds to find it:
Arrest of one male re financial irregularities 18th March 2010
As part of the ongoing investigation by Gardai from the Garda Bureau of Fraud Investigation into alleged financial irregularities at a Financial Institution, a search was carried out this morning the 18th March 2010 and a male in his early 60s has been arrested. He is being detained under the provisions of Section 4 of the Criminal Justice Act 1984 as amended at Bray Garda Station.
About time they got their finger out! It has been so obvious for years that people are abusing the welfare system!
In fairness, its about time!!
Free legal aid of course !!!
Yes, of course. Just like you or I would be entitled to if we were arrested. Aren’t you glad that you live in a country where that happens? Doesn’t it make you feel good that people who are not well off are treated (more or less) fairly in our courts, so that the wealthy are not untouchable and the poor are not abused?
No?
@Aoife. Well, they’re doing their best to correct that situation. Soon our justice system will be as ‘fair’ as the US. Legal Aid solicitors have seen a cut of 28+% in fees: http://www.thejournal.ie/legal-aid-lawyers-have-fees-cut-by-another-10-per-cent-177095-Jul2011/
Also, you don’t even need to be charged, The Journel followers KNOW you are guilty, before the DPP even receives the papers for a court case.
Remind ye all too that a Garda can box the head off a fella for saying his shirt is “a bit gay” and be allowed to walk free – jail is too harsh for HIM…. while bankers & CEOs of loss-making-semi-states can legally “earn” over €100,00 and manage to plunge the entire country into serious economic disarray.
Yes indeed Martin it would be more cost effective execute “them” on the spot. Thank god there are right thinking people like you to be outraged and buy Volkswagens. If only everyone one could be nice like you the world would be safer for neatly dressed golfers.
@Gordon I was oversimplifying and rose-tinting a bit there, I know! But it’s fairer to have free legal aid available than not to, just like it’s fairer to have social welfare available even though some people are selfish and criminal and cheat the system.
Why have we almost 2million more PPS numbers that people. Strange.
So. When are we going to read about fraudulent bankers and developers being arrested then?
Yeah right. They get bonuses. Sorry, I forgot my place there for a minute.
That’s at least two from Anglo alone.
http://www.herald.ie/national-news/fraud-squad-makes-second-anglo-arrest-2109421.html
one of them is 19? just shows us those scumbags and parasites are getting younger, no wonder our education system and health system is a disgrace with people’s like this
Don’t agree with claiming something that is not your right. But then, now I do have a job. Easy catches and not likely to have friends in the banks is why they are being made public,
Anyone know what the actual stats on welfare fraud are here? I know in the UK the problem is present but minimal but the tabloids talk it up like crazy.
Quick google search says there is about 1.5 billion fraudulently claimed every year in the UK. Doesn’t appear minimal to me and in my opinion it’s not something that should be tolerated or shoulders shrugged saying ‘it happens’. These people are cheats and liars
Now that’s more like it!
Good enough for them! Scrotes
Why can’t we have their names???
I love the way people excuse thieves and crooks that take money out of all our pockets using the ole “ah sher look at the bankers” rhetoric. Two wrongs don’t make a right and these rodents are just as guilty of fraud, theft and conspiracy as those shameless bankers. These people ARE NOT poor. If they are fraudulently claiming social benefits they are 1) working for cash and drawing the dole (or) 2) claiming multiple benefits that they aren’t entitled to. Both are illegal and both means they prob earn more in a week than I do or alot of people on here do. So lets stop the poor mouth, violin playing exercise and stop making excuses for these rodents, that we all pay tax so as to subsidise their social lives!
have your say