Vol. 402 No. 3
101 Mr. Barry asked the Minister for Industry and Commerce if he intends employing extra people in the Consumer Affairs Section of his Department to ensure that the benefit of reduced prices as a result of weak sterling will be passed on to the consumer.
I would refer the Deputy to my reply of 27 June 1990 (columns 1027-1029, Volume 400) to questions regarding the passing on of benefits arising from a strong Irish pound in the form of lower prices to the consumer. In that reply, I was able to draw the attention of this House to the latest official figures for the consumer price index indicating that the annual rate of inflation had fallen from 4.2 per cent in mid-February to 3.5 per cent in mid-May, maintaining the downward trend evident since early 1990. The latest official figures confirm that the downward trend has been maintained, with the annual rate of inflation having fallen again to 2.9 per cent as of mid-August 1990.
The exchange rate of the Irish pound against sterling has weakened in recent months, returning to about the levels applying at this time last year. Thus, the Deputy's current reference to weak sterling is not soundly based.
