Opposition parties have attacked the Government over the continued high rate of inflation, despite figures released today showing it is at the lowest level for over three years.
The Labour Party finance spokeswoman, Ms Joan Burton, said the recent Forfás report shows Ireland continues to be one of the most expensive countries in Europe in which to live, work, or do business. The high costs in Ireland "will continue to squeeze competitiveness and lead to job losses," she said.
She claimed that more than half of total inflation is likely to be contributed by the Government this year.
"The Government must not be allowed to think this months figures will get them off the hook," she said. "Rip-off Ireland is still alive and well, particularly in the insurance sector, where costs are still a huge issue for small business."
Fine Gael's spokesman on finance, Mr Richard Bruton said that none of the factors that brought about a reduction in inflation resulted from Government action.
"Far from it, the falling price of traded goods and mortgages have only served to highlight the stark contrast with the impact created by Government. The CSO confirms that the contribution to this month's inflation by Government is over 60% of the entire increase in the index," said Mr Bruton.
The Green Party claimed the decrease in the inflation rate was as a consequence of the falling dollar rather than as a result of any policy put in place by the Government.
"We are fast approaching a situation where close to half of the inflation in Ireland can be attributed solely to the decisions taken by the Minister for Finance," said Mr Dan Boyle, Greens finance spokesman.