The Government's actions to mitigate inflation included energy credits and direct financial support, resulting in a substantial reduction in inflation rates throughout 2024. While inflation peaked at 9.2% in October 2022, it fell to around 1% by the end of the following year. However, rent and mortgage interest costs rose, indicating ongoing financial pressures. Meanwhile, reduced eurozone interest rates have encouraged homeowners to switch lenders, allowing them to save up to €7,000 annually on mortgage repayments, showcasing a significant shift in consumer behavior as they respond to changing economic conditions.
The Government's response to the inflation bubble has included energy credits, taxation, and social welfare payments to alleviate financial pressures on households.
Inflation figures are more reliable now with a steady drop from a high 9.2pc in October 2022 to around 1pc in late 2024.
The CPI indicates a decline in energy prices, while expenses like rent rose, reflecting a mixed impact of inflation on consumer lifestyles.
Homeowners can reduce mortgage repayments significantly by switching lenders, with a reported 14% increase in switcher financing drawn down last quarter.
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