Move now on inflation spike

Top banker calls for urgent action as costs rocket

- DOMINIC McGRATH

A TOP Irish banker has called for temporary measures to be used to tackle soaring inflation.

Philip Lane, the chief economist of the European Central Bank and former Governor of the Central Bank of Ireland, said targeted steps needed to be taken as households struggle to cope with rocketing prices.

The finance expert acknowledged people were experiencing a major increase in the cost of living but said he believed the rate of inflation will fall later this year.

A study by the Economic and Social Research Institute published on Wednesday said inflation could hit 6.7% this year, a level not seen in Ireland for decades.

The leading economist said: “We should acknowledge these extraordinary times means there is a lot of uncertainty.