Inflation of 5% - We will pay with trade and jobs

For years the Government has been telling us that we have never had it so good, but not enough was being done to ensure that the benefits of the Celtic Tiger economy were being protected.

Now we are facing serious problems with inflation, which threatens our competitiveness in the global economy.

The latest inflation figures for the month of March reflect a 5% increase in the Consumer Price Index. This is being attributed largely to international factors. The price of oil soared on the international market, but the actual increase in this country has been cushioned by the increase in the value of the euro against the dollar, in which oil is priced.