The Governing Council of the European Central Bank meets in Frankfurt today where it is widely expected to increase interest rates by a further half a percentage point.
Interest rates have been increased four times by the European Central Bank since July last year in an effort to bring inflation down.
It is widely expected rates will be increased by 0.5% today, bringing the base deposit rate to 2.5%.
Earlier this week, inflation across the euro area was estimated to have slipped back to 8.5% last month from 9.2% in December.
The data presented a mixed picture with energy prices down but food prices up while core inflation held steady.
Other figures out this week showed the euro area economy fared better than expected in the last three months of last year while unemployment remained at record lows.
There are just over 316,000 mortgage holders in Ireland on either trackers or standard variable rates who are most exposed to rising rates, representing 44% of all residential mortgages.