Business organisation ISME has expressed its dismay at the increase in the headline rate of inflation and has demanded the Government publish its anti-inflation strategy.
The association questioned the Government's commitment to tackling the issue in any meaningful way after it was revealed today that the downward trend in the last five months had been reversed.
Inflation now stands at 3.2%, according to figures released by the Central Statistics Office today.
Recent price hikes afforded to An Post, the ESB and VHI, which will negatively impact on the inflation rate in the next number of months makes a mockery of the Government's willingness to address the issue, ISME said today.
Jim Curran, ISME head of research, said: "As the Government continue to contribute to the problem, small business is suffering through increased costs, undermining competitiveness.
"Many sectors particularly in manufacturing are already under threat as evidenced by the everyday announcement of redundancies," he said.
Curran asked the Government not to increase taxation, in particular indirect taxes, which he said would compound the problem and prevent a reduction of inflation to the European average of 1.8% by year-end.