Ennis Economist Says Rising Cost Of Living Could Continue For Another Three Years

Photo (c) Kikinunchi via Canva.com

An Ennis economist believes the rising cost of living could continue to be an issue for another three years.

A cabinet sub-committee will sign off on the plans this evening to help people with rising inflation rates.

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You could hardly miss it at the checkout, or the petrol pump, or almost anywhere else.

Costs have gone up as inflation soars, leaving people struggling.

It’s understood a number of previously announced budget measures will be brought forward today, while the fuel allowance season may be extended and the once-off energy credit could be doubled to 200 euro.

Critics say the measures need to be more targeted on the most vulnerable, but Minister Michael McGrath says the so-called squeezed middle need help too.

Tánaiste Leo Varadkar has hit out at opposition criticism of the plan before it’s even announced.

However, despite many of the measures being one off and short term, a Clare economist believes inflation will continue for a while yet.

Micheál Collins, who’s Assistant Professor of Social Policy at UCD and an Ennis native, says rising labour costs will continue to push up wages and increase prices too for some time to come.

Clare’s Fine Gael Senator, meanwhile believes the Universal Social Charge should be kept.

The income tax was introduced back in January 2011.

Ennistymon based Senator, Martin Conway, says if the USC is scrapped, something else will have to take it’s place.

A formal announcement from Government on the measures is expected later this evening.