Alex White (Labour)

Clearly, we need a debate on this. Members on the Government side have raised this repeatedly. Now that they have a timely opportunity, let them support the call for a debate. I second Senator Fitzgerald's proposal for an amendment to the Order of Business.

There have been calls in the House for a debate on the economy. One of the aspects of the changes in recent weeks and months in our economic fortunes is price inflation. This has been ignored and has not been commented on to any great extent but an extraordinary article in The Sunday Tribune points out, as if that could be deemed necessary, that price inflation in Ireland was 4.8% last month. We import one third of all our goods from outside the eurozone area — half of our food and drink comes from outside the eurozone area.

We all know the euro has strengthened by around 12.5% in recent weeks. A basic understanding of economics should inform one that when a currency is strengthening the cost of imports should fall, not rise. Why are prices for basic household foodstuffs and other items increasing at such an alarming rate? I read the words of a commentator this morning who noted that when times are good we forget how badly banks are run and how greedy they are. It seems other people are coining it with regard to price increases. How can supermarkets, shops and so on pass on such increases when the currency is in a strong position?

I ask the Leader to arrange for the Minister to come before the House soon for a serious debate on price inflation and an explanation of it from the sectors involved. I have heard Members complain that we have too much regulation but this appears to be an area in which we should examine regulation. We should query why people are being asked to pay higher prices in circumstances in which imports should be getting cheaper.