Friday's business news review
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What business news headlines are covered today?
Breakfast Business with Enterprise Ireland on Newstalk. Good morning and welcome to Breakfast Business and thank you as ever to Shane Beattie. It is Friday, the 14th of November at 6.31. Coming up on today's show, we'll be talking to the boss of the share trading platform, IG, and we'll be looking at what technology Dunlera Rackdown Council is using to monitor waste collections, etc. And all the markets as usual, you can email us, business at newstalk.com. But first, let's have a look at the main business stories in the newspapers and websites, which we shall do in the super smart company of Austin Hughes.
Austin Hughes, good morning. Good morning, Joe. Super smart is a little bit of an exaggeration, even this early in the morning. One sort of feeling that perhaps Ireland could do something against Portugal doesn't really count for super smart. Just a lucky guess.
Indeed. Well, it's a question now whether we can do something against Hungary in Budapest on Sunday afternoon. I have a funny feeling quite a few people might be looking at their sky scanners to see whether they can get to Budapest at such short notice. I suppose after last night's match, I think suddenly people saying, gosh, can we believe again or dare we believe again?
Yeah, it's the hope that kills you, Joe, as you know. So that's not got carried away, but it was a great night's result.
Definitely won't get carried away with the inflation data out from the CSO yesterday, inching up a bit to a slightly worrying 2.9%.
Yeah, it's going the wrong way, really. Cost of living pressures are picking up rather than fading away. The headline rate, as you say, rose from 2.7% to 2.9%. But if you look back, the number is for October last, October 2024. Inflation was just 0.7%. And, you know, it does point to a bit of pressure on prices in a lot of areas. Now, food price inflation eased a little bit, 4.5 against 4.7. But I don't think anyone shopping is going to notice that. Meat is still up 11%. Fish jumped to 3.9%. You're looking at milk, 6.7% up. Fruit and veg, 4%. Fruit is up 4%, sorry. Vegetables, if you're eating your greens, the news is a little bit better, just up 0.7% against 1.4%. And even chocolate lovers might take a little bit of comfort that it's only up 8.9%.
against 13% last time round. But by and large, you know, there's a lot of pressure. There was also a jump in the October number because last year the government cut university fees by 1,000, this year by 500. So that technical element. But by and large, as I say, there is a sense there that living costs are still rising and at a rate that's uncomfortable for many households here.
And of course, it does then shine the spotlight on the ECB, which has been cutting, cutting, cutting. But if inflation is starting to inch back up again, whether it might decide to reverse that cutting.
That's it. We've already heard warnings from Isabel Schnabel, one of the German members of the board in Frankfurt, saying that she thought inflation risks were now a little bit on the upside. And by and large, the message coming out of the ECB is, in recent weeks has been, that's it, folks, in terms of interest rate cuts, unless we see some dramatic deterioration in the economy or some real pressures towards lower inflation, which Doesn't look likely at the moment.
Now, at least we have our inflation data here in Europe and in Ireland. The Americans haven't published their data at all. And I wonder, because they're taking such control of nearly every lever of government, whether they might be a little bit afraid of the number.
They might be a little bit afraid of the number, but the reality is the government shutdown meant that they couldn't calculate the index. It was due out yesterday and, like most other official releases in the States, just has failed to materialise. There's a lot of talk, some of it informed, some of it not surprising in the US all-around conspiracy that the government doesn't want to publish this and it is going to to sort of massage the numbers later.
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