Price and Rate Rises Causing Hardship for Households
7 Apr 2011
Congress today expressed concern that an inexorable rise in inflation was placing unsustainable pressure on working people and households.
Congress Economic Advisor Paul Sweeney said: "Despite massive spending cuts, severe austerity and deflationary policies we have seen a strong upward rise in the Consumer Price Index. Prices were effectively negative for some months, but are now rising rapidly.
"With ongoing rises in oil and food prices, inflation is now taking strong hold in Ireland. In that context today's interest rate rise by the European Central Bank is very unwelcome and is going to result in extra hardship for people all over the country. Working people are being squeezed on too many fronts. There is a limit to the burden of austerity that any society, or household, can tolerate," Mr Sweeney said.
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