Oireachtas Joint and Select Committees

Wednesday, 1 June 2022

Committee on Budgetary Oversight

Fiscal Assessment Report: Irish Fiscal Advisory Council

Mr. Sebastian Barnes:

This is one of the areas of risk. Internationally, the risk of food shortages is a serious concern, especially for lower income countries and those that are very dependent on importing directly from Ukraine and Russia. In the Irish context, the biggest risk is probably more food price inflation, both because of the shortage of food but also, for example, due to the fact that fertiliser prices have increased a great deal. It is mostly an inflation risk in the Irish context, but it is a risk that would not be borne equally by all households. There are things to consider there in terms of lower income and more vulnerable households.

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