The analysis from the NCC could not be more blunt or explicit. It states: "More broadly, the price of all goods and services that are subject to significant levels of Government influence accounted for 59% of national inflation in the year 2003." The Forfás report carried out by PricewaterhouseCoopers agrees with the broad thrust of the NCC conclusion, although it does not put the figure as high. Nonetheless, it is still extremely high and the implications are obvious and damaging. It means high prices, high inflation and a body blow to competitiveness. Companies based here find that their prices are rising and they will exit from the country as soon as they can find a more attractive foreign base. It is an extremely difficult situation, one not improved by today's announcement that the euro has reached a record high of €1.19 against the US dollar. The high cost of living and housing is a major deterrent to top class researchers and scientists – crucial to industrial development – coming here.