Irish inflation is double the EU average
The annual rate of inflation rose to 4.6% in March, its highest level in ten and a half years. Figures released from the Central Statistics Office show that consumer prices rose by an annual rate of 0.6% in March, mainly due to an increase in the cost of clothing and footwear, mortgage interest payments and higher oil prices. When calculated in accordance with the European Union harmonised index, Irish inflation has now risen to 5%. This is over double the EU average and matches exactly the annual pay rises envisaged under the terms of the Programme for Prosperity and Fairness.
The General Secretary of the Irish Congress of Trade Unions, Peter Cassells, has said that Congress will discuss measures to curb inflation at a meeting with the government and other social partners next Wednesday. Mr Cassells said that these measures must ensure that the proposals to improve living standards that were accepted by workers under the Programme for Prosperity and Fairness are not eroded.
