Inflation at Ten Year High

Blame it on GST or on the price of gas, but inflation is at a 10 year high. According to the Central Statistical Office, inflation peaked at 4.3% in 2006, breaking the 4% mark for the first time since 1996.

But despite this, according to the CSO, economic growth continues to be high at 2.9% up to September of this year. The greatest growth was recorded in the wholesale and retail sector. There was a decline in the fishing, manufacturing, construction, and hotels and restaurant sectors.

And while those areas were down, imports were at an all-time high. At the end of September, spending on imports rose 11.6% to $1.2 billion - $32 million more than all of last year. The greatest share of those imports, 38% came from the United States.