Brian Cowen (Laois-Offaly, Fianna Fail)

I do not have that information. If the Deputy puts down a specific question in that regard, I can get accurate figures for him. In examining the causes of Irish consumer price index inflation over the past year, it is important to distinguish between external factors, which are beyond domestic policy control, and internal factors. Externally, the single most important cause is higher mortgage interest payments due to ECB interest rate increases. The main driver of domestic inflation has been the services sector. It averaged 8.4% in 2007 and peaked at 9.3% year on year in March last year. It fell back to 6.5% year on year in December and the welcome easing of inflation in this sector reflects an improved level of competition in the economy. It is expected that the downward trend will continue in 2008.

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