High inflation rate a source of 'real alarm'
10 May 2007
Congress said today that the continued high rate of inflation was now a source of real alarm and that official efforts must be redoubled to bring it under control.
Speaking after the release of figures showing the rate for April was 5.1 percent, Congress Economic Advisor Paul Sweeney, said: "There is now a real sense of alarm and worry that the rate has stayed persistently high, with the April rate unchanged from March.
"This puts real pressure on pay increases negotiated under Towards 2016, when all forecasts were for a rate of around three percent. The persistence of this high rate shows clearly that official efforts must be redoubled and there must be a real focus on this problem, at a national level.
"Congress cannot accept a situation where peoples' living standards are slowly being eroded and undermined."
Ends