The ESRI is set to warn later this week that soaring price inflation could be with us for up to two years.

Many economists had predicted high inflation would ease this year, but Russia's invasion of Ukraine means that higher energy and fuel prices are likely continue for the foreseeable future.

Last week the US Federal Reserve raised its interest rates in an attempt to tackle high inflation there, but a similar move is not expected from the European Central Bank until later this year.

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