Dan Boyle
Question:282 Mr. Boyle asked the Minister for Finance his views on future projections in the consumer price index in view of the most recent monthly figures. [5560/03]
Written Answers - Consumer Price Index.
The most recent inflation figures show an inflation rate, as measured by the annual change in the consumer price index, CPI, of 4.8% in January. This was slightly lower than the 5% rate of increase in December 2002. The budget day forecast was for average CPI inflation to be 4.8% for 2003 as a whole. This forecast, as always, was based on the technical assumption of unchanged interest rates. Since budget day, the ECB cut interest rates and this will have a favourable impact on the CPI this year.