Everyone hates inflation – for many good reasons. The main reason it is so universally detested is that it erodes real incomes and accumulated incomes – savings. The average person in Ireland today earns less than five years ago in real terms because of the burst of high inflation that hit the world as it exited the pandemic in 2021, and which lasted until 2023. In purchasing power terms, around €40 billion in savings on deposit in banks was lost over the same period owing to the combination of inflation and ultra-low interest rates on deposits. To see how bad…

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