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Latest inflation trends impacts hardest on low to middle income families

Date Released: 13 Mar 2008

“The renewed rise in inflation is extremely worrying, especially as the greatest increases affected health and food costs” SIPTU General Secretary Joe O’Flynn, said today. “Health costs have risen by 5.7 per cent on an annualised basis, almost double the comparable figure of 2.9 per cent for last year, and food has risen by 8.5 per cent, compared with 1.1 per cent in 2007. These increases impact hardest on people with low to middle incomes, especially families with children.”

He was commenting after the Central Statistics Office released inflation figures for February. The CSO figures show that inflation rose to 4.8 per cent in the year ending February 2008, compared with an annual inflation rate of 4.3 per cent in the year ending January 2008. It had been hoped that inflation rates would continue to fall this year after reaching five per cent in November. 

“We must ensure that living standards are protected in the coming pay talks and workers contribution is recognised in terms of the productivity and profitability of companies operating here”, Mr O’Flynn added.





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