Dr. Kieran McQuinn:

It is difficult to point to measures that can be used to bring down inflation in the context of energy and food because we tend to be price-takers in both cases. In the short term, it is hard unless we go down the route suggested by Deputy Boyd Barrett whereby we impose price caps. We have discussed that option. It is difficult to envisage what kind of measures can be brought in. Typically, when there are problems in the housing market and childcare, which Dr. Doorley might talk about a little in a moment, there are structural issues that need to be addressed. Those typically take time to work through. There will be no instantaneous response or reaction in those areas. As far as energy and food are concerned, it is hard to see a solution in the short term.

Greater competition, particularly insofar as the retail sector is concerned, has helped to keep costs down over a longer period of time. That is clear if we think about the inflationary profile of the past ten or 15 years.