Dr. Kieran McQuinn:

It depends. It is a bit like the impact of the pandemic generally. Certain sectors of the economy were completely unaffected by the pandemic and some sectors did better during the pandemic than they normally would have, for example, medicinal exports and the like. Those areas would not have experienced any deflation or disinflation and prices in them would have continued to do whatever they normally would have done. It is in other areas such as the hospitality sector, tourism and certain elements of the retail sector that price falls would have been experienced in past year and as a result, those are the areas that will be most prone to the base effects this year when the demand picks up. When the demand surges and people come back into shops and normal economic activity resumes, it will cause the prices of those goods to surge as well.