Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I think we are improving competitiveness for a while and we are taking into account the data we have to hand. As the Deputy knows, European inflation rates are very low. I do not envisage a once-off correction changing, but I think it will go back up. The European Central Bank policy is for a gradual increase in inflation while staying within its mandate of less than 2%.