Phil Hogan (Carlow-Kilkenny, Fine Gael)
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Question 87: To ask the Minister for Finance his views on recent trends in consumer prices; and if he will make a statement on the matter. [19407/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Inflation, as measured by annual changes in the Consumer Price Index (CPI), was 3.8% in April. A large proportion of the rise in the annual inflation rate is due to external factors such as higher oil prices and recent rises in interest rates by the ECB.

On Budget day, my Department forecast that CPI inflation will average 2.7% in 2006. This forecast was calculated using the usual technical assumption of unchanged interest rates. My Department will be publishing new forecasts in the autumn.