Menu
12/04/2012
Govt Actions Adding To Inflation
IBEC, the group that represents Irish business, today said that the latest inflation figures from the CSO show that Government actions risk eroding the competitiveness gains of recent years, making it more difficult for Irish companies to compete and create jobs.
IBEC senior economist Reetta Suonperä said: "The headline inflation rate as measured by the Consumer Price Index remained broadly unchanged at 2.2% in March. The sharp jump in the EU harmonised measure (the HICP) to 2.2% from 1.6% in the previous month, however, should sound a warning bell to Government.
"Recent Government decisions are now adding considerably to inflation. For instance, the cost of health insurance jumped by 6.3% in the month and is up 13.9% in the year. The recent VAT hike is also adding to price pressures, though many retailers have not passed it on as they struggle with weak demand. Consequently goods price inflation remains modest at just 1%.
"Throughout the crisis Ireland’s inflation has been one of the lowest in the eurozone, allowing a significant improvement in competitiveness. This is needed to ensure Irish companies can compete successfully and create new jobs. In just one month, however, the differential has narrowed from over one percentage point to just 0.4%. It is crucial that Government decisions do not undo the efforts of the private sector to restore Ireland’s competitive position."
(CD)
IBEC senior economist Reetta Suonperä said: "The headline inflation rate as measured by the Consumer Price Index remained broadly unchanged at 2.2% in March. The sharp jump in the EU harmonised measure (the HICP) to 2.2% from 1.6% in the previous month, however, should sound a warning bell to Government.
"Recent Government decisions are now adding considerably to inflation. For instance, the cost of health insurance jumped by 6.3% in the month and is up 13.9% in the year. The recent VAT hike is also adding to price pressures, though many retailers have not passed it on as they struggle with weak demand. Consequently goods price inflation remains modest at just 1%.
"Throughout the crisis Ireland’s inflation has been one of the lowest in the eurozone, allowing a significant improvement in competitiveness. This is needed to ensure Irish companies can compete successfully and create new jobs. In just one month, however, the differential has narrowed from over one percentage point to just 0.4%. It is crucial that Government decisions do not undo the efforts of the private sector to restore Ireland’s competitive position."
(CD)
Related Irish News Stories
Click here for the latest headlines.
16 May 2008
'Large Irish Presence' At Cannes
The focal point for the Irish film industry at the Cannes Film Festival, the Irish Pavilion, has opened again for business this week, with over 200 of the leading lights of the Irish film industry flying out to the festival to promote and sell new Irish cinema.
'Large Irish Presence' At Cannes
The focal point for the Irish film industry at the Cannes Film Festival, the Irish Pavilion, has opened again for business this week, with over 200 of the leading lights of the Irish film industry flying out to the festival to promote and sell new Irish cinema.
04 July 2014
National Oversight And Audit Commission Established
The Minister for the Environment, Community and Local Government, Mr Phil Hogan has announced the establishment of the National oversight and Audit Commission, (NoAC), for the local government sector.
National Oversight And Audit Commission Established
The Minister for the Environment, Community and Local Government, Mr Phil Hogan has announced the establishment of the National oversight and Audit Commission, (NoAC), for the local government sector.
03 June 2008
Irish food prices rising faster than EU average
A study by the European statistics agency has reportedly shown annual food price rises in Ireland have shot up way above inflation. Reports this morning say the Eurostat figures show Irish food prices rose by 8.
Irish food prices rising faster than EU average
A study by the European statistics agency has reportedly shown annual food price rises in Ireland have shot up way above inflation. Reports this morning say the Eurostat figures show Irish food prices rose by 8.
11 April 2008
ECB Interest Rate Unchanged As Irish Inflation Hits 5%
The Governing Council of the ECB decided today that underlying interest rates will remain unchanged. The minimum bid rate on the main refinancing operations, the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.00%, 5.00% and 3.00% respectively.
ECB Interest Rate Unchanged As Irish Inflation Hits 5%
The Governing Council of the ECB decided today that underlying interest rates will remain unchanged. The minimum bid rate on the main refinancing operations, the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.00%, 5.00% and 3.00% respectively.
17 January 2008
Irish Inflation Down - But Only Marginally
There was a slight fall in Ireland's inflation rate last month. According to the Central Statistics Office (CSO) report the official rate for December was 4.7%, compared to 5% in November. The CSO said the main factor pushing up inflation during 2007 was a 15% rise in the cost of housing, water, electricity, gas and other fuels.
Irish Inflation Down - But Only Marginally
There was a slight fall in Ireland's inflation rate last month. According to the Central Statistics Office (CSO) report the official rate for December was 4.7%, compared to 5% in November. The CSO said the main factor pushing up inflation during 2007 was a 15% rise in the cost of housing, water, electricity, gas and other fuels.
-
Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
