The cost of paying for the average Irish mortgage looks set to increase today.
The European Central Bank (ECB) meets in Frankfurt later, where an interest rate increase of 0.75% is being predicted.
The bank is under pressure to push up rates as European Union countries grapple with cost inflation.
Last month, Eurozone nations recorded an average inflation rate of 9.7%.
Economist Austin Hughes has said a rise of 0.75% is highly likely.
"We're looking at an increase of either a half percent - at 50 basis points - or three-quarters of a percent.
"And I think the worry is that it'll be the higher of the two.
"Most of the signals that we've had from senior ECB officials has suggested they're still very worried about inflation, they're worried that interest rates are too low."
He said this will be another of many rises.
"Today's increase will be large and it won't the last interest rate increase.
"So people need to start doing their won calculus, and maybe talk to a financial advisor about the best option for them.
"I think the critical message is that people need to think about the possibility that rates could go a good deal higher in the months to come".
