Dr. Kieran McQuinn:

In comparison with most other European countries, inflationary pressures are probably greater in the Irish economy. They are certainly average if not slightly greater than average. That is, to a certain extent, understandable in the sense that our economy is growing faster than most others in the euro area, and has been growing for a prolonged period of time. That leads to greater inflationary pressures.

Greater competition in the food area has helped to keep inflation reasonably subdued over a longer period of time. In the short term, it is hard to identify any measures to take that would have an instantaneous reaction in respect of energy and food costs.