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

Indeed. The focus at European level is on trying to reduce the cost of energy, which, as the House will know, is an exceptionally complex and sensitive matter at a time the supply of energy in the first instance is so constrained and so low. That is the focus of considerable collective efforts within the EU because any change in the price of energy will have a significant impact on the rate of inflation we face. In Ireland, of course, the Departments of Finance and Enterprise, Trade and Employment will monitor what is happening throughout our economy to be confident that the change in prices that is happening will not give the opportunity for unwarranted price increases. For now, the level of challenge so many businesses face due to the rising cost of their inputs indicates that the rising prices are driven by the global forces I referred to.

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