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Ireland sees wages rising 7% this year, 6% a year thereafter

Ireland sees wages rising 7% this year, 6% a year thereafter
Ireland sees wages rising 7% this year, 6% a year thereafter   -   Copyright  Thomson Reuters 2021
By Reuters

DUBLIN – Ireland’s finance ministry expects wages to grow by 7% this year and at, or just below, 6% a year from 2022 to 2025 as the economy recovers quickly from the COVID-19 crisis and some sectors face labour market shortages.

Inflation is forecast to peak at 4.5% in the final quarter before falling back below 2% during next year, but the ministry said the average rate could be closer to 3.5% in 2022 if there was prolonged global supply chain disruptions, stronger short-term domestic demand and higher energy prices.