Thursday, 17 June 2004
Department of Finance
Consumer Price Index
Question 96: To ask the Minister for Finance the action he proposes to take to address the issue of price increases above and beyond those reflected in the inflation rate through the consumer price index; and if he will make a statement on the matter. [18219/04]
The Director General of the Central Statistics Office has sole responsibility for and is independent in deciding, the statistical methodology and professional standards to be used in compiling the consumer price index. It is designed to measure the change in the average level of the prices paid by consumers for goods and services. It measures in index form the monthly changes in the cost of purchasing a representative basket of consumer goods and services. The latest consumer price index release shows inflation in May was 1.7 per cent, down from a high last year of 5.1 per cent in February 2003. The moderation in inflation is a very welcome development.