The Central Bank is not known for hyperbole. Yes, it took its eye off the ball in the run-up to, and during, the financial crisis but, since then, it has sought to be stubbornly independent and judiciously nuanced. That is what makes its intervention last week so interesting, and also so worrying.  The way the Central Bank sees it, headline inflation in the Irish economy could double to 4.2 per cent in the coming months if there is a prolonged conflict in the Middle East. In its latest bulletin, the bank argued that the current spike in oil and gas…

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