A recent report released by Ireland's state policy board, Forfas, has concluded that the country may soon be officially the most expensive nation in the EU, with prices 12% above the European average seen in the Republic.
The Consumer Pricing Report found that the largest component of Ireland's inflationary pressures came from the non-traded goods and services sector, especially from those prices driven by government policy. The report also found that the pub and restaurant sector accounted for some 30% of inflation to January this year.
These figures have prompted the National Competitive Council to urge the government to review its policy on indirect taxation, as well as curbing increases on state charges in the spheres of health insurance and education. Statistics have revealed that 59% of Ireland's inflation to January 2003 was as a result of government related charges.
The revelation by Forfas has led many to call for the government to introduce measures to tackle Ireland's inflationary problems. Pat Delaney, of the Small Firms Association told RTE news that it was high time that the government unveiled its anti-inflationary policy dubbed 'Sustaining Progress' which Delaney said should target an inflation rate of 2%, if Ireland's lost competitiveness is to be regained.
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