Bernard Durkan (Kildare North, Fine Gael)
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305. To ask the Minister for Finance the extent, if any, to which he and his Department have recognised any possible inflationary tendencies in the Irish economy; if any corrective steps are required to address any issues arising; and if he will make a statement on the matter. [24401/13]

Michael Noonan (Limerick City, Fine Gael)
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HICP inflation - the comparative measurement of inflation across Europe - increased in Ireland by just 0.5 per cent year-on-year in April. This compares with an inflation rate of 1.2 per cent in the euro area as a whole. In fact, Irish inflation has now been below, or on par, with euro area inflation for every month since March 2008. This has led to significant cost competitiveness gains over this period, while also serving to protect real incomes. Looking to the future, my Department expects inflation to remain at modest rates for the next few years. Indeed, the European Commission expects Irish inflation rates to be below European rates in both 2013 and 2014.