Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

The figure I was quoting was 3.8% in the third quarter of 2021 from a year earlier. That was the rise in earnings then. Wages were up 7.6% from their pre-pandemic levels in Q3. The average inflation for that period was about 2.4% and actually was -0.3% throughout 2020. However, the Deputy is correct. We all accept that the CPI prices were up by about 5.5% in December. Electricity prices are up 22%. We know that. Gas prices are up 28% and home heating oil is up 53%. Petrol and diesel are up 34%. Food prices have not risen to that extent except for bread and cereals, which is problematic. The problem is that energy prices feed into higher costs of production and distribution, which ultimately creates pressure in terms of inflation. I say to the Deputy that we have already taken measures in the budget to try to protect those who need the protection the most, to target that. We are going to continue to look at ways of trying to reduce the burden, particularly on the energy side of it, on the people. We took steps yesterday in that respect.

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