Jim Power: Energy costs are a problem but food prices risk becoming a real hot potato

The OECD has warned that so-called high-frequency indicators are pointing to a slowdown in European economic growth 

In the food-supply chain, if the primary producer is to make a living and processors are to make acceptable returns, food prices are likely to rise further over the coming months.

Ireland is a small, open economy that is heavily exposed to global economic developments, with a strong presence of multinationals and substantial exports.

This raises the very pertinent question as to how long the Irish economy can continue to defy recent worrying international trends.