Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I thank the Deputy for raising the critical economic challenge we are now confronting. As he will be aware, consumer price inflation picked up sharply over the past year and in October stood at 9.6%. Almost every advanced country in the world is in the same position with, for example, inflation throughout our neighbours within the EU, and in particular among those countries that share the euro with us, reaching a record 10.7% in October. That our rate of inflation is slightly below the EU area average is going to be of precious comfort to the businesses and households the Deputy is concerned about.

As he will know, the key driver of these pressures is the sharp rise in energy, food and other commodity prices as a result of the war in Ukraine. Spillover effects from higher energy prices are also being felt in other sectors, such as food and consumer goods and services. We are acutely aware of this, however, and the Deputy has been good enough to recognise the value of the measures we have brought forward. In addition to our day-to-day budget, which was at the high level of €6.9 billion, we are also bringing forward a set of one-off measures amounting to more than €4 billion. I will not list what they are, given the Deputy knows what they are, but they are all designed in different ways to help households and businesses with the rising costs and inflation and the impact that is having on living standards, our ability to live and the viability of businesses.

Many citizens, who have come through the wearying tunnel of Covid and have finally got to a better point in that regard, have now been hit by the surge in prices, with all that that means for their lives, and we understand that very well. With the measures we are bringing forward, we are doing our best to offer help without creating new risks in the future.

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