Dr. Ciaran Byrne:

I will answer the question in two parts. The first relates to the level of inflation in the wider construction sector. The Society of Chartered Surveyors Ireland estimates there was approximately 7% to 8% inflation for the first half of the year. The rate of inflation is indicated to be slowing down somewhat but we have not yet factored in energy costs in that regard. Labour cost inflation is running at 5% to 10% but overall inflation in the past year and a half has been heading for approximately 22%. Within the construction sector, the cost of certain products and materials has shot up way more than everything else but, on average, it is approximately 7% to 8% for the first half of the year. That is the inflationary piece.