Eamon Ryan
Question:131 Mr. Eamon Ryan asked the Minister for Finance his views on the likely future trends in the consumer price index. [9754/03]
Written Answers - Price Inflation.
On budget day, inflation, as measured by annual changes in the consumer price index, CPI, was projected to average 4.8% in 2003. Since budget day, the ECB have reduced interest rates, and this will have a favourable impact on the CPI this year. Furthermore, Irish inflation will benefit from the recent appreciation of the euro and the easing of domestic inflationary pressure. On the other hand, oil prices remain a risk to the inflation outlook. My Department will publish a revised estimate in the economic review and outlook which will be published in the summer. Overall, I expect the inflation rate to moderate over the remainder of the year.