The rate of food price inflation in Irish supermarkets is slowing dramatically, down to 7.1 percent from a rate of 15.5 percent this time last year.
Even though the rate has halved in a year, it is still shockingly high compared to what we have been used to over the preceding decades.
Economists who predicted that the high inflation rates would be transitory have been crowing recently, apparently.
However there are some who caution that the global inflationary trend may well have some legs left in it. 2024 will be an interesting year on the economics front, with the confluence of inflation, unemployment and interest rates making for upcoming electioneering fodder in many countries.
