Inflation Rise Will Have Serious Impact on Talks
10 Apr 2008
Congress today (Apr. 10) expressed serious concern at the latest rise in inflation, as new figures showed the rate rose to 5 percent in March, up from 4.8 percent the previous month.
According to Congress Economic Advisor Paul Sweeney, the rise further adds to the high cost of living faced by Irish workers. "Irish price levels are already 21 per cent above the EU15 average for consumer services and 14 per cent above it for consumer goods price levels - this will obviously have a serious impact on any new pay talks."
Mr Sweeney said that we have seen a "stagnation in real wages for those on mid-level and low pay, while remuneration for those at the top has, quite literally, ballooned. Pay at top levels - in both private and public sectors - has been far in excess of inflation, in recent years, while at lower levels we have seen stagnation and even decline. In that context, calls for pay restraint cut very little ice with the bulk of our membership".